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A Canadian named the successor of Mervyn King at Bank of England

Publish Date27/11/2012 01:09:04 PM

Last Update28/11/2012 07:08:02 AM

A Canadian named the successor of Mervyn King at Bank of England

Mark Carney, currently the governor of Bank of Canada, was appointed by the UK government as the successor of Mervyn King at Bank of England.

Carney, 47, will continue to serve as head of the Canadian central bank until the end of May 2013, and he will take his role as the new governor on July 1, U.K. finance minister George Osborne announced Monday.

“He will bring strong leadership and a fresh new perspective. He has done a brilliant job for the Canadian economy as its central bank governor, avoiding big bailouts and securing growth ”, said Osborne.

Although Carney was appointed for eight years, he plans to serve for a maximum of five, until 2018 when his current term as chairman of the international Financial Stability Board ends.

Carney is a Harvard and Oxford-educated economist who worked at Goldman Sachs for 13 years. In 2003 he joined Bank of Canada as deputy governor; in 2004 he left to work for the Canadian finance ministry and in 2008 he returned as governor.

He is seen as “the perfect candidate” to take charge of Bank of England that faces slowing growth and takes on a bigger supervisory role.

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