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Canadian Mark Carney to lead Bank of England when Mervyn King steps down

Canadian central bank chief Mark Carney will lead the Bank of England when Mervyn King steps down next year.

Mark carney 2012 11 26Enlarge
Mark Carney will become the first foreigner to lead the Bank of England. (AFP/Getty Images)

Wanted: A central bank governor in Canada.

Canadian central bank chief Mark Carney has been appointed to lead the Bank of England when Mervyn King steps down next June.

The BBC reported that Carney is widely respected in central banking and financial regulatory circles and is considered by some to be the best central banker in the world.

He is regarded as a “tough operator” and has been credited with helping Canada “survive the financial crisis unscathed,” the Guardian reported.

Carney was "the outstanding central banker of his generation with unparalleled expertise in financial regulation," British Chancellor of the Exchequer George Osborne told parliament today.

"He is quite simply the best, most experienced and most qualified person in the world to be the next governor of the Bank of England and to help Britain's families and businesses through these difficult economic times,” Osborne was quoted by The Independent as saying.

“Britain needs the very best at a time like this and in Mark Carney we have got him.”

The New York Times said the decision to appoint Carney caught financial observers by surprise, with most expecting Bank of England Deputy Governor Paul Tucker to succeed King when his term expires.

Carney will be the first foreigner to lead the bank in its 318-year history.

Over at the Bank of Canada, meanwhile, moves are afoot to find a replacement for Carney.

The Wall Street Journal said the central bank’s board would soon form a “special committee of independent directors” to lead the search.

More from GlobalPost: Shock and Awe: Bank of England announces a massive, new round of quantitative easing

 

 

http://www.globalpost.com/dispatch/news/regions/europe/united-kingdom/121126/mark-carney-bank-of-england-canadian