In the summer of 2007, officials within Canada’s finance ministry were bracing for a global financial catastrophe. Mark Carney, then a top official, recalls knowing that the financial system was on the verge of collapse. This experience marked a turning point in Carney’s career, leading him to manage economic crises as the governor of national banks in both Canada and Britain.

Carney, now 59, has been lining up to lead the Liberal Party and potentially become the next Prime Minister of Canada, succeeding Justin Trudeau. During a meeting with a research group in Ottawa, Carney acknowledged the erosion of public trust in Western institutions due to the financial crisis, raising the question of how to rebuild that trust.

The Liberal establishment has rallied behind Carney, who has a strong background in economics and global monetary policy, making him a favorite in polls. However, his campaign has also been criticized for being too guarded and out of touch with everyday Canadians.

Despite being seen as an elite figure because of his credentials and extensive background, including roles at Goldman Sachs and the Bank of England, Carney argues that his financial expertise is essential for attracting investment and solving productivity issues in Canada.

Carney’s tenure as Bank of Canada governor included swift action to lower interest rates during the financial crisis, earning him praise for his leadership. As governor of the Bank of England, he was lauded for his handling of Brexit.

Carney’s personal background includes growing up in a small river town in Alberta and having a family dedicated to teaching. He is married to an economist and has four daughters.

However, Carney’s candidacy is not without controversy. He has faced accusations of overstating his influence during the 2008 financial crisis. Conservatives have also called for him to disclose his financial assets and potential conflicts of interest.

In terms of policy, Carney intends to diverge from Trudeau’s government by cutting the carbon tax and introducing an industrial pricing system to address pollution. He also plans to reverse the capital gains tax increase.

Carney presents a tough, no-nonsense side, but has also been portrayed as affable on the campaign trail. His leadership style is described as being direct and not tolerant of incompetence.

As the race for the Liberal Party leadership continues, Carney’s appeal as a sharp economist and seasoned crisis manager faces scrutiny over his detached image and the challenges of negotiating with foreign leaders like U.S. President Donald Trump.

Source: https://www.nytimes.com/2025/03/07/world/canada/mark-carney-trudeau-liberal-party-canada.html