Mark Carney
Governor of the Bank of Canada
Mark Carney
Mark Joseph Carney is a Canadian central bank governor. He is the eighth and current Governor of the Bank of Canada and the current Chairman of the G20's Financial Stability Board. These appointments were on October 4, 2007 (for a seven-year term), and on November 4, 2011 (for a three-year term). Carney achieved these positions by working his way up the ranks of Goldman Sachs, the Canadian Department of Finance, and the Bank of Canada as Deputy Governor.
Biography
Mark Carney's personal information overview.
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News
News abour Mark Carney from around the web
Bank of England's Forbes breaks ranks, says rates could rise soon
Yahoo News - 16 days
By Andy Bruce LONDON (Reuters) - Differences among Bank of England officials about the outlook for interest rates moved into sharper focus on Tuesday, as one of them said rates might need to rise soon if the growth remains solid and inflation continues to accelerate. Last week the central bank signalled it was in no rush to hike rates, with BoE Governor Mark Carney stressing that Britain's economy would face "twists and turns" during its departure from the European Union.
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Yahoo News article
Asked about sterling fall, BoE's Carney says it moves up and down
Yahoo News - about 1 month
Bank of England Governor Mark Carney declined on Monday to say if the central bank would respond to the sharp fall in the pound, saying only that the value of sterling goes up and down. "The best I can say is that the value of the pound will go up and down," Carney said, after being asked a question about the outlook for the currency after delivering a speech at the London School of Economics. Carney also repeated his view that leaving the European Union has the potential to reinforce existing risks facing Britain's economy.
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Yahoo News article
BoE's Carney - curbing consumer lending would be 'big call'
Yahoo News - about 1 month
By David Milliken and Huw Jones LONDON (Reuters) - Bank of England Governor Mark Carney said it would be a "big call" for the central bank to rein in rapid growth in consumer lending, which picked up strongly last year and brought some echoes of the period before the global financial crisis. British consumer borrowing increased at the fastest annual rate for more than 11 years in November, the BoE said last week, and Carney told lawmakers that the momentum appeared to have continued into the Christmas holiday season. Asked about measures of debt stress on households, Carney said there were signs the situation was under control, but that the BoE's Financial Policy Committee (FPC) would watch out for problems in the event of an economic slowdown.
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Yahoo News article
In The Face Of Trump's Regression, Fossil Fuel Divestment Is More Critical Than Ever
Huffington Post - 2 months
An anti-EPA zealot will be the next head of the EPA; President-elect Trump has promised to abrogate the Paris climate accords; and temperatures in the Arctic last week were as much as fifty-five degrees above normal, as polar ice stubbornly refused to refreeze. So maybe you'd like a little good news on the environmental front? The fossil fuel divestment campaign--which turns four years old this month--has been almost bizarrely successful. And as other avenues for change start to get closed off by the Trump administration, divestment is likely to become an even more crucial part of the fight for a livable planet. In 2012, divestment was just an idea. A small report by a small London think-tank had uncovered a very big truth: the world's coal, oil and gas companies had four or five times as much carbon in their reserves than we could burn if we hoped to stay below the temperature targets the world's governments had pledged to respect. That is: if these companies carried out the ...
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Huffington Post article
Support for economic system 'under threat': BoE governor
Yahoo News - 3 months
Bank of England governor Mark Carney on Monday warned the public was losing faith in the current economic system, urging economists to acknowledge those who have lost out from globalisation. "Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University. The June referendum which saw Britain vote to leave the European Union, coupled with Donald Trump winning the US presidential race in November, have been attributed in part to a backlash by those on the fringes of society against free markets and immigration.
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Yahoo News article
Bank of England's Carney says Trump trade stance could slow growth
Yahoo News - 3 months
U.S President-elect Donald Trump could aggravate a slowdown in world trade which would hurt Britain's economy, Bank of England Governor Mark Carney said on Wednesday. "There is this possibility that the slowdown in the growth in world trade, which we have seen over the past few years, accelerates because of discrete policy initiatives potentially from the world's largest economy," Carney told a news conference to explain the BoE's latest report on Britain's banking sector. "While that might not directly affect the United Kingdom, if it slows the pace of global growth - and we're an open trading nation, one of the most open nations in the world - it's going to have a knock-on effect through this economy." "This is more of a slow-burn issue, sand in the gears, headwind for the global economy as opposed to a sharper shock, if any of it were to actually materialise." Ahead of the Nov. 8 U.S. presidential elections, Trump said China was "killing us" on trade and threatened to hit its exports ...
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Yahoo News article
Theresa may hosts summit with polish pm to forge alliances ahead of article 50 - Daily Mail
Google News - 3 months
Daily Mail Theresa may hosts summit with polish pm to forge alliances ahead of article 50 Daily Mail Theresa May will host a summit meeting with Polish counterpart Beata Szydlo as she attempts to build alliances ahead of the Brexit negotiations. Ms Szydlo said she would be a constructive partner in the negotiations but warned there would need to be ... May aims to woo Polish PM with senior minister summitThe Guardian Mark Carney plan for Brexit gets cool response from GoveBBC News Mark Carney to warn EU bureaucrats they face messy divorce if they fail to adapt to BrexitTelegraph.co.uk ITV News -Sky News -Bloomberg -The Independent all 75 news articles »
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Google News article
El gobernador del Banco de Inglaterra pide un período de transición para el sector financiero
Wall Street Journal - 3 months
El gobernador del Banco de Inglaterra, Mark Carney, dijo el martes que el sector financiero de Reino Unido se beneficiaría de un periodo de transición entre la salida formal del país de la Unión Europea y la adopción de una nueva relación comercial con el bloque.
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Wall Street Journal article
Court Throws Brexit Curveball
Huffington Post - 4 months
The British pound rose sharply Thursday after England's High Court ruled the U.K. government must hold a parliamentary vote before triggering an exit from the European Union (EU). The decision casts doubt on Prime Minister Theresa May's tentative plans to invoke Article 50 of the Lisbon Treaty by March 2017 and sets up a constitutional confrontation at the country's Supreme Court next month. Judge John Thomas said allowing the Prime Minister to unilaterally trigger the U.K.'s departure from the EU without parliament's approval based on a non-binding referendum amounted to an unconstitutional usurping of domestic law. A spokesman for the U.K.'s Supreme Court said it will likely hear the case from December 5-8, with all 11 judges expected to participate for the first time in the tribunal's seven-year history, according to Reuters. The news sent shockwaves through European finance and politics, with the pound rising nearly 2% against the euro and 1.5% against the dollar to three-week h ...
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Huffington Post article
BOE's Carney to Extend Term to Stay On Through Brexit
Wall Street Journal - 4 months
Bank of England Gov. Mark Carney plans to serve an extra year as head of the British central bank, in a surprise compromise meant to allow him to steer the U.K.’s economy beyond its exit from the EU.
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Wall Street Journal article
Mark Carney to Lead Bank of England Through June 2019
NYTimes - 4 months
Some lawmakers who favored an exit from the European Union had called for Mr. Carney to resign, saying he politicized the central bank.
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NYTimes article
Bank of England Governor Carney ready to serve full term - FT
Yahoo News - 4 months
(Reuters) - Bank of England Governor Mark Carney is ready to serve a full eight-year term, despite critics campaigning for him to resign ahead of time, the Financial Times reported on Sunday. Carney, who accepted the post in 2012, is said to be leaning towards staying on and helping to steer the UK economy after the government triggers Article 50 of the European Union's Lisbon Treaty in March 2017, the FT said. Prime Minister Theresa May and Chancellor Philip Hammond were confident until recently that Carney would stay until 2021 rather than stepping down in 2018, according to the FT.
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Yahoo News article
Timeline
Learn about memorable moments in the evolution of Mark Carney
    FIFTIES
  • 2016
    Age 50
    As Governor of the Bank of England, Carney was criticised during the 2016 EU membership referendum for giving pro-EU statements, something which has led to Leave campaigners and sections of the media to call for his resignation.
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  • FORTIES
  • 2015
    Age 49
    Carney completed the 2015 London Marathon in 03:31:22, shaving 17 minutes off his time at the 2011 Ottawa Marathon.
    More Details Hide Details In addition to Canadian citizenship, Carney also holds Irish citizenship.
  • 2013
    Age 47
    Carney succeeded Sir Mervyn King on July 1, 2013.
    More Details Hide Details He is the first non-Briton to be appointed to the role since the Bank was established in 1694. The Bank of England was given additional powers from 2013, such as the ability to set bank capital requirements.
  • 2012
    Age 46
    On November 26, 2012, UK Chancellor of the Exchequer, George Osborne, announced the appointment of Carney to be Governor of the Bank of England.
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  • 2011
    Age 45
    Carney attended the annual meetings of the Bilderberg Group in 2011 and 2012.
    More Details Hide Details Carney is member of the International Advisory Board at the Blavatnik School of Government (University of Oxford).
  • 2010
    Age 44
    Carney served as Chairman of the Bank for International Settlements' Committee on the Global Financial System from July 2010 until January 2012.
    More Details Hide Details Carney is also a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum.
  • 2009
    Age 43
    Canada's risk-averse fiscal and regulatory environment is also cited as a factor. In 2009 a Newsweek columnist wrote, "Canada has done more than survive this financial crisis.
    More Details Hide Details The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize." Carney earned various accolades for his leadership during the financial crisis: he was named one of The Financial Times 's "Fifty who will frame the way forward", and of Time Magazine 's "2010 Time 100". In May 2011, Reader's Digest named him "Editor's Choice for Most Trusted Canadian". In October 2012, Carney was named "Central Bank Governor of the Year 2012" by the editors of Euromoney magazine. On November 4, 2011, Carney was named Chairman of the Basel-based Financial Stability Board. In a statement, Carney credited his appointment to "the strong reputation of Canada's financial system and the leading role that Canada has played in helping to develop many of the most important international reforms". The three-year term is a part-time commitment, allowing Carney to complete his term at the Bank of Canada. While there has been no indication of his priorities as chairman, on the day of his appointment the Board published a list of 29 banks that were considered sufficiently large as to pose a risk to the global economy should they fail. At his first press conference as Chairman of the FSB in January 2012, Carney laid out his key priorities for the board.
  • 2008
    Age 42
    While the European Central Bank delivered a rate increase in July 2008, Carney anticipated the leveraged-loan crisis would trigger global contagion. When policy rates in Canada hit the effective lower-bound, the central bank combatted the crisis with the non-standard monetary tool: "conditional commitment" in April 2009 to hold the policy rate for at least one year, in a boost to domestic credit conditions and market confidence.
    More Details Hide Details Output and employment began to recover from mid-2009, in part thanks to monetary stimulus. The Canadian economy outperformed those of its G7 peers during the crisis, and Canada was the first G7 nation to have both its GDP and employment recover to pre-crisis levels. The Bank's decision to provide substantial additional liquidity to the Canadian financial system, and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year, appear to have been significant contributors to Canada's weathering of the crisis.
    The epoch-making feature of his tenure as governor remains the decision to cut the overnight rate by 50 basis points in March 2008, only one month after his appointment.
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  • 2007
    Age 41
    Carney's actions as Governor of the Bank of Canada are said to have played a major role in helping Canada avoid the worst impacts of the financial crisis that began in 2007.
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    Carney returned to the Bank of Canada in November 2007 after his appointment as Governor, and served as advisor to retiring Governor David Dodge before formally assuming Dodge's position on February 1, 2008.
    More Details Hide Details Carney was selected over Paul Jenkins, the Senior Deputy Governor, who had been considered the front-runner to succeed Dodge. Carney took on this role during the depths of the recent global financial crisis. At the time of his appointment, Carney was the youngest central bank governor among the G8 and G20 groups of nations.
  • THIRTIES
  • 2004
    Age 38
    About a year later he was seconded to the Federal Department of Finance as Senior Associate Deputy Minister of Finance, effective November 15, 2004.
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  • 2003
    Age 37
    Carney first joined the Bank of Canada as a Deputy Governor on August 5, 2003.
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  • 1998
    Age 32
    He worked on South Africa's post-apartheid venture into international bond markets, and was involved in Goldman's work with the 1998 Russian financial crisis.
    More Details Hide Details From November 2004 to October 2007, Carney was senior associate deputy minister and G7 deputy at the Canadian Department of Finance. He served under Liberal Finance Minister Ralph Goodale and Conservative Finance Minister Jim Flaherty. During this time Carney oversaw the Canadian Government's controversial plan to tax income trusts at source. Carney was also the "point man" in the Canadian government's profitable sale of its 19-percent stake in Petro-Canada.
  • TWENTIES
  • 1994
    Age 28
    The couple married in July 1994 while he was finishing his doctoral thesis.
    More Details Hide Details They have four daughters and lived in the Rockcliffe Park neighbourhood of Ottawa before moving to London in 2013. During his Harvard years, Carney was back-up goalie for the school's ice hockey team. Carney continued playing hockey with the Oxford University Ice Hockey Club while studying at Nuffield College, Oxford.
  • 1988
    Age 22
    Carney graduated from Harvard with a bachelor's degree, with high honours in economics, in 1988, before postgraduate studies at St Peter's College, Oxford, where he received masters and doctoral degrees in the same field (in 1993 and 1995, respectively).
    More Details Hide Details Carney spent thirteen years with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively more senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking.
  • CHILDHOOD
  • 1965
    Born
    Carney was born 16 March 1965, in Fort Smith, Northwest Territories, the son of Verlie Margaret (née Kemper) and Robert James Martin Carney.
    More Details Hide Details When Carney was six, the family moved to Edmonton, Alberta. Carney has three siblings—older brother Seán, younger brother Brian, and sister Brenda. Carney attended St. Francis Xavier High School at Edmonton, before studying at Harvard University.
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