Ottawa, November 26, 2012
The Honourable Jim Flaherty, Minister of Finance, today announced that Mark Carney, current Governor of the Bank of Canada, has been appointed as Governor of the Bank of England effective July 1, 2013.
"On behalf of the Government and all Canadians, I would like to thank Governor Carney for his work at the Bank of Canada and offer my best wishes in his future role at the Bank of England,” said Minister Flaherty. “This appointment, which marks the first time a foreign national has headed the Bank of England, is another strong example that Canada’s monetary and fiscal systems serve as models to the world. While other countries have faced significant turbulence, our financial system has consistently been ranked as the soundest in the world.”
Carney, whose term as Governor began February 1, 2008, had previously served as Senior Associate Deputy Minister of Finance and G-7 Deputy of Canada. He was also recently named chair of the Financial Stability Board.
“As Minister of Finance, I appreciate the guidance Governor Carney has provided in recent years, in fulfilling the Bank’s mandate of maintaining the stability of our monetary system and controlling inflation,” noted Minister Flaherty.
The usual practice for selection and appointment of the Governor of the Bank of Canada will be followed. The Board of Directors of the Bank of Canada will shortly form a special committee comprised of independent directors whose mandate will be to undertake a recruitment process for the selection of the next Governor.
Governors of the Bank of Canada are recommended by the independent directors, and appointed by the Minister of Finance and the federal cabinet.
Office of the Minister of Finance
Department of Finance