Mark Carney Named As New Bank of England Governor

Mark Carney Named As New Bank of England Governor

Mark Carney, the current Bank of Canada governor, was named as the new Bank of England governor after Her Majesty Queen Elizabeth II approved his appointment to replace outgoing Sir Mervyn King.

Mark Carney Named As New Bank of England Governor

Carney will start his tenure as governor of Bank of England governor on July 1, 2013. His role is one of the most important unelected positions in the British government.

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He will continue his role as Bank of Canada governor until June 1 to allow a smooth transition, according to the statement released by the bank. Carney will remain chairman of the Financial Stability Board of the Bank of Canada.

Carney holds a Bachelors degree in Economics from Harvard University. He received his Masters degree and Doctorate degree in Economics from Oxford University. He worked at Goldman Sachs Group, Inc. (NYSE:GS) in London, Tokyo, New York, and Toronto for 13 years before joining the Canadian civil service. He joined the Bank of Canada as deputy governor in 2003. He became governor of Bank of Canada in 2008 and was appointed for a term of seven years.

Carney is married to a British national, and their children hold dual citizenship. He will apply for British citizenship, according to British Chancellor George Osborne.

“Carney will provide the “strong leadership the bank needs as it takes the role of handling financial supervision” in the United Kingdom, said Chancellor Osborne.

Ed Conway, editor of Sky Economic commented, “This is a real surprise for the City. He will serve a five-year term rather than the eight-year term originally advertised. We don’t know the future of current deputy governor Paul Tucker, who has been heading towards this role all his career.”

In a statement, Carney said, “I am honored to accept this important and demanding role, and to succeed Sir Mervyn King with whom I have worked closely over these past five years and from whom I learned so much.”

“This is a critical time for the British, European and global economies; a decisive period for reform of the global financial system including its leading financial centre, the City of London; and a crucial point in the Bank of England’s history as it accepts vital new responsibilities,” added Carney.

Furthermore, Carney said, “It has been a privilege to serve as the eighth Governor of the Bank of Canada. I am proud of the Bank’s contribution to the resilience of the Canadian economy throughout an unprecedented period of global turmoil. The Bank is helping to lead the reform of the global financial system. It is introducing the most sophisticated currency in the world. And as the Government of Canada’s fiscal agent, it is providing funds management and banking services with the highest reliability and resiliency.”

Moreover, Carney assured the Canadians that the leadership of Bank of Canada will continue to promote their economic and social welfare, citing the depth and quality of its humans resources, dedication of its employees, and the clarity of its strategic vision.

The board of directors of Bank of Canada will form a special committee composed of independent directors who will supervise the selection process for the next governor of the bank.

Peter Dixon, analyst at Commerzbank AG (ETR:CBK) (PINK:CRZBY) (FRA:CBK), reacted to the appointment of Carney. He said, “Surprise, huge surprise. That was the one guy I didn’t have in the running, and it’s a slap in the face for the likes of (Paul) Tucker and all those other guys who were hoping to step up to the plate. Will it change anything? It’s a 9 person committee; one man isn’t going to go in there and change the world straight away.”

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