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Mark Joseph Carney (born March 16, 1965) is an economist and central banker. He holds Canadian, British and Irish citizenship and has been Governor of the Bank of England since 2013 and was Chairman of the Financial Stability Board from 2011 to 2018.
|Governor of the Bank of England|
|Assumed office |
1 July 2013
|Preceded by||Mervyn King|
|Chair of the Financial Stability Board|
4 November 2011 – 26 November 2018
|Preceded by||Mario Draghi|
|Succeeded by||Randal Quarles|
|Governor of the Bank of Canada|
1 February 2008 – 3 June 2013
|Preceded by||David Dodge|
|Succeeded by||Stephen Poloz|
Mark Joseph Carney
16 March 1965
Fort Smith, Canada
|Citizenship||Canadian, Irish, British|
Diana Fox (m. 1994)
|Education||Harvard University (BA)|
St Peter's College, Oxford (MPhil)
Nuffield College, Oxford (DPhil)
Carney began his career at Goldman Sachs before joining the Canadian Department of Finance. He later served as Governor of the Bank of Canada from 2008 until 2013, when he moved to his current post. His term is due to expire in January 2020.
When Carney was six, his 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, Edmonton before studying at Harvard University.
Carney graduated from Harvard in 1988 with a bachelor's degree with high honours in economics, before postgraduate studies at the University of Oxford at St Peter's College and Nuffield College, where he received masters and doctoral degrees in the same field in 1993 and 1995, respectively. The title of his DPhil thesis is "The dynamic advantage of competition".
His progressively more senior positions included: co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. 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.
In 2003, he left Goldman Sachs to join the Bank of Canada as a Deputy Governor, taking up that position. One year later, he was recruited to join the Federal Department of Finance as Senior Associate Deputy Minister of Finance, beginning that role on November 15, 2004.
Department of FinanceEdit
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 lead on the Canadian Government's profitable sale of its 19-percent stake in Petro-Canada.
Governor of the Bank of CanadaEdit
In November 2007, it was announced that Carney would be appointed Governor of the Bank of Canada. He immediately left his position at the Department of Finance to serve as an advisor to the outgoing Governor, David Dodge, before formally assuming Dodge's position on February 1, 2008. Carney was selected over Paul Jenkins, the Senior Deputy Governor, who had been considered the front-runner to succeed Dodge.
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. 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. 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.[page needed]
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. 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".
International organisation membershipsEdit
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.
Carney is 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. Carney attended the annual meetings of the Bilderberg Group in 2011 and 2012.
Governor of the Bank of EnglandEdit
On November 26, 2012, Chancellor of the Exchequer George Osborne announced the appointment of Carney as Governor of the Bank of England. He succeeded Sir Mervyn King on July 1, 2013. 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.
Prior to taking up the post, Carney had already indicated disagreement with the Bank of England's Executive Director of Financial Stability Andy Haldane, specifically on leverage ratios and on bank break-ups. He has been quoted as saying that Haldane does not have a "proper understanding of the facts" on bank regulation. Though the term is officially eight years, Carney has said that he intends to stand down after five. He is likely to have been offered a total pay package of about £624,000 ($990,000) per year, approximately £100,000 ($160,000) more per year than his predecessor.
In December 2016, Carney warned of the societal risk of "staggering wealth inequalities" in a Roscoe Lecture at Liverpool John Moores University. "The proportion of the wealth held by the richest 1% of Americans increased from 25% in 1990 to 40% in 2012 ... Globally, the share of wealth held by the richest 1% in the world rose from one-third in 2000 to one-half in 2010."
Carney has warned multiple times that Brexit is expected to negatively influence the UK economy. Consequently, Brexit activists accused him of making statements in the British EU-membership referendum favouring the UK's continued membership of the EU. He replied that he felt it was his duty to speak up on such issues.
In September 2018, Chancellor Philip Hammond confirmed speculation that Carney would remain as Governor until January 2020, in order to ensure a "smooth" transition after the UK leaves the EU on March 29, 2019.
In November 2018, Carney warned that large parts of the British economy were not ready for a no-deal Brexit. Speaking on BBC Radio 4's Today Programme, Carney explained that fewer than half of businesses have initiated contingency plans.
In February 2019, speaking about the global economy, Carney provided a less negative perspective on Brexit, stating that globalisation has resulted in "imbalances of democracy and sovereignty", and that Brexit "is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability".
Carney met his wife, Diana Fox, a British economist specializing in developing nations, while at the University of Oxford. She is active in various environment and social justice causes. The couple married in July 1994 while he was finishing his doctoral thesis. They have four children 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 the sport with the Oxford University Ice Hockey Club while studying at Nuffield College, Oxford.
Honours and distinctionsEdit
- "Mark Carney". Today. August 8, 2013. BBC Radio 4. Retrieved January 18, 2014.
- "Bank of Canada Governor Mark Carney". cbc.ca. Retrieved June 24, 2016.
- "Mark Carney's term extended and Sir Jon Cunliffe re-appointed at the Bank of England". GOV.UK. Retrieved September 11, 2018.
- Scoffield, Heather (January 25, 2008). "Mark Carney takes up his mission [March 30, 2009 update]". The Globe and Mail: B1, B4–5. Archived from the original (print, online news report) on July 16, 2015. Retrieved June 24, 2016.
- Globe and Mail Staff (December 14, 2009). "Carney, Robert James, Ph.D., Professor Emeritus, University of Alberta" (Obituary). The Globe and Mail. Retrieved June 24, 2016.
- Staff (1957). "Marriages: Carney-Kemper" (bulletin entry). UBC Alumni Chronicle, Autumn. Vancouver: University of British Columbia: 38. Retrieved June 24, 2016.
Carney-Kemper. Robert James Martin Carney, B.A.’57, to Verlie Margaret Kemper
- "Robert Carney's Obituary on Edmonton Journal". Edmonton Journal. Retrieved July 20, 2016.
- "Mark Carney: From Edmonton Journal paperboy to Bank of England". November 26, 2012. Retrieved July 20, 2016.
- "Mark Carney - Governor, Bank of England". bankofengland.co.uk. Retrieved July 20, 2016.
- CBC News Staff (October 4, 2007). "Mark Carney named next Bank of Canada governor". CBC News. Ottawa: The Crown. Archived from the original (news brief) on October 8, 2007. Retrieved June 24, 2016.
- "The dynamic advantage of competition". EthOS e-theses online service. British Library. Retrieved October 29, 2016.
- Peter S. Goodman (September 16, 2016). "As Britain Confronts 'Brexit,' a Canadian Takes Center Stage: Mark Carney". New York Times.
- Philip Delves Broughton (November 27, 2012). "Profile: Mark Carney - the hockey playing Goldman Sachs banker who is the new boss of the Bank". Evening Standard.
- Staff (October 21, 2004). "Deputy Governor Mark Carney appointed Senior Associate Deputy Minister of Finance" (press release). Ottawa: Bank of Canada. Retrieved June 24, 2016.
- Willis, Andrew; Grant, Tavia; Scoffield, Heather (October 4, 2007). "Playing a new game, in a new arena" (business news report). The Globe and Mail. Retrieved June 24, 2016.
- "The governor gets his hands dirty". theglobeandmail.com. Retrieved June 24, 2016.
- Staff (October 4, 2007). "Key facts on Mark Carney, next Bank of Canada chief". Reuters. Retrieved June 24, 2016.
- Staff (October 4, 2007). "Mark Carney Appointed Governor of the Bank of Canada" (press release). Ottawa: Bank of Canada. Retrieved June 24, 2016.
- Parkinson, David (October 29, 2009). "Paul Jenkins leaving Bank of Canada". The Globe and Mail. Toronto.
- Vieira, Paul (October 4, 2007). "Carney vaults over heir apparent for Bank of Canada top job". National Post. Archived from the original on May 20, 2011. Retrieved January 4, 2008.
- "Archived copy". Archived from the original on June 29, 2011. Retrieved February 12, 2011.CS1 maint: Archived copy as title (link)
- Hornbrook, Mike (January 29, 2011). "Mark Carney: Interesting times". cbc.ca. Retrieved June 24, 2016.
- Verma, Sid (2012). "Mark Carney: Finance's new statesman". Euromoney (October). Retrieved June 24, 2016.
- Zorn, Lorie; Wilkins, Carolyn; Engert, Walter (2009). "Bank of Canada Liquidity Actions in Response to the Financial Market Turmoil" (PDF). Bank of Canada Review. Ottawa: Bank of Canada (Autumn). Retrieved June 24, 2016.
- Staff (April 21, 2009). "Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent and, conditional on the inflation outlook, commits to hold current policy rate until the end of the second quarter of 2010" (press release). Ottawa: Bank of Canada. Retrieved June 24, 2016.
- Staff (December 10, 2010). "Canada: 2010 Article IV Consultation—Staff Supplement, Staff Report, and Public Information Notice on the Executive Board Discussion (IMF Country Report 10/377)" (PDF). Retrieved November 26, 2012.[page needed]
- Zakaria, Fareed (February 16, 2009). "Worthwhile Canadian Initiative" (print, online perspective). Newsweek. New York: B1, B4–5. Retrieved June 24, 2016.
- Staff (March 10, 2009). "Fifty who will frame a way forward". Financial Times. Retrieved June 24, 2016.
- Kiviat, Barbara (April 29, 2010). "The 2010 TIME 100". Retrieved June 24, 2016 – via www.time.com.
- "One-on-One with Mark Carney". readersdigest.ca. April 21, 2011. Retrieved June 24, 2016.
- Horwood, Clive (Ed.) (October 11, 2012). "Carney named Euromoney Central Bank Governor of the Year 2012". Euromoney (October). Archived from the original on October 16, 2012. Retrieved June 24, 2016.CS1 maint: Extra text: authors list (link)
- Reguly, Eric (November 4, 2011). "Carney takes reins of global banking watchdog". The Globe and Mail. Toronto. Retrieved November 4, 2011.
- Argitis, Theophilos. "FSB Favorite Carney May Not Have to Label Canada Banks Systemic". bloomberg.com. Retrieved June 24, 2016.
- "Tough player battles to tame banking system". ft.com. Retrieved June 24, 2016.
- "Mark Carney appointed Chairman of the Committee on the Global Financial System". Bank for International Settlements. June 29, 2010. Retrieved February 11, 2015.
- "Current Members". Group of Thirty. Archived from the original on August 6, 2013. Retrieved August 9, 2013.
- "The World Economic Forum Leadership Team". World Economic Forum. Retrieved November 26, 2012.
- "Bilderberg Meetings: St. Moritz, Switzerland, June 9-12, 2011: Final List of Participants". Bilderberg Meetings. June 9, 2011. Archived from the original on August 28, 2011. Retrieved August 9, 2013.
- "Bilderberg Meetings: Chantilly, Virginia, USA, May 31-June 3, 2012: Final List of Participants". Bilderberg Meetings. Archived from the original on July 26, 2013. Retrieved August 9, 2013.
- Peston, Robert (November 26, 2012). "Mark Carney named new Bank of England governor". bbc.co.uk. Retrieved June 24, 2016.
- Schumpeter (November 26, 2012). "The Bank of England's new governor: Canada home and dry". The Economist. Retrieved June 24, 2016.
- Speech given by Mark Carney, Governor of the Bank of England (December 5, 2016). "The Spectre of Monetarism" (PDF). Bank of England/Liverpool John Moores University. Retrieved June 10, 2017.
- "Mark Carney: EU exit is 'biggest domestic risk'". BBC News. March 8, 2016. Retrieved May 13, 2016.
- "Brexit vote may spark recession, Mark Carney warns". BBC News. May 12, 2016. Retrieved May 13, 2016.
- "UK Bank governor Carney says is 'duty' to speak of Brexit risks". BBC News. April 19, 2016. Retrieved May 13, 2016.
- "Mark Carney willing to stay on as Bank of England governor". BBC News. BBC. Retrieved September 4, 2018.
- "UK not ready for no-deal Brexit - Carney". BBC News. November 29, 2018. Retrieved November 29, 2018.
- Elliott, Larry (February 12, 2019). "Mark Carney: Brexit is the first test of a new global order". Guardian News & Media Limited. Retrieved February 17, 2019.
- Swaine, Jon (November 26, 2012). "New Bank of England Governor Mark Carney's wife: An eco-warrior who says banks are rotten". The Telegraph. Retrieved June 24, 2016.
- General Register Office. England and Wales Civil Registration Indexes. Bullingdon Registration District, Oxfordshire. Volume 699 Page 574.
- Cobb, Chris (November 26, 2012). "Mark Carney profile: Our top banker and the bottomline". Ottawa Citizen. Postmedia Network. Retrieved November 26, 2012.[permanent dead link]
- Waldie, Paul (June 28, 2013). "Mark Carney not only played goal for the Oxford Blues hockey team, he also managed it". The Globe and Mail. Retrieved June 24, 2016.
- "London Marathon 2015: After Mark Carney thrashed Barclays boss Antony Jenkins, how well does your race time compare?".
- "Mark Carney blasts City competition in London Marathon". Retrieved June 9, 2017.
- "Full transcript: Mark Carney talks to Jon Snow". channel4.com. November 13, 2013. Retrieved June 24, 2016.
- "BOE Governor Carney Fulfills Promise by Becoming U.K. Citizen". Bloomberg. November 22, 2018.
- "Mark Carney is an Everton fan... but his wife supports Arsenal". February 13, 2013 – via www.telegraph.co.uk.
- General, The Office of the Secretary to the Governor. "The Governor General of Canada". gg.ca. Retrieved June 24, 2016.
- "Mark Carney's Speech at the Mansion House Bankers and Merchants Dinner, London - Bank of England". bankofengland.co.uk. Retrieved June 24, 2016.
- Argitis, Theophilos (May 1, 2013). "Bank of Canada Governor Carney's Lecture in Edmonton (Text)". Bloomberg. Retrieved June 24, 2016.
| Governor of the Bank of Canada
Stephen S. Poloz
| Governor of the Bank of England
| Chair of the Financial Stability Board