Mark J. Carney (born March 16, 1965)[1] is the governor of the Bank of Canada. Appointed on October 4th 2007, Carney began his seven-year term as the Bank's eighth governor on February 1st, 2008.[2][3] Carney is the youngest governor of the Bank since its first governor, Graham Towers, and is also the youngest central bank governor in the G8 and G20.[4]
Early life
Mark Carney was born in Fort Smith, Northwest Territories. His father Bob was a high school principal there, and later a professor of education at the University of Alberta in Edmonton, Alberta, where the family moved when Carney was six years old. Carney has three siblings — older brother Sean, younger brother Brian and sister Brenda. His mother Verlie was an elementary school teacher before the children were born. Carney and his brothers all studied at Harvard University.[5]
Carney completed a bachelor's degree in economics from Harvard in 1988. He later attended Nuffield College, Oxford, where he received a master's degree in economics in 1993, and a doctorate in economics in 1995.[6]
Career
Goldman Sachs
Before joining the Canadian public service, Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively 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.[5]
Department of Finance
Between November 2004 and October 2007 Carney was senior associate deputy minister, and G7 deputy, at the the Canadian Department of Finance. He served under Liberal finance minister Ralph Goodale and Conservative finance minister Jim Flaherty. During that time Carney oversaw the government's controversial plan to tax income trusts at source.
Carney was also the "point man" behind the government's successful sale of Petro-Canada.[7]
Bank of Canada
Deputy governor, 2003-2004
Carney first joined the Bank of Canada as a deputy governor on August 5th 2003.[8] He served as a deputy governor for about a year before being seconded to the federal Department of Finance as senior associate deputy minister of finance, effective November 15th 2004. [9]
Governor, 2008-present
Carney rejoined the Bank in November 2007 after his appointment as Governor, and served as advisor to retiring Governor David Dodge until he assumed Dodge's job on February 1st 2008. [10] Carney took this role on during the depths of the global financial crisis.
Carney's actions as the the Bank of Canada's governor are said to have played a major role in helping Canada's economy avoid the worst effects of the financial crisis. [11] The Canadian economy appears to have outperformed its G7 peers during the crisis, with Canada being the first G7 nation to have both its GDP and employment recover to pre-crisis peaks. [12]
Carney sits on the Board of Directors of the Bank for International Settlements and serves as the Chairman of its Committee on the Global Financial System. [13]
Recognition
Carney has earned various accolades for his actions during the financial crisis. He was named one of the Financial Times' Fifty who will frame the way forward [14] and one of Time Magazine's Top 100. [15]
Personal life
Carney married his wife, Diana, an economist dealing with Third World development, while he was finishing his doctoral thesis in the mid-1990s. They have four daughters and live in the Rockcliffe Park neighbourhood of Ottawa.[5]
As a Harvard University student in the 1980s Carney was back-up goalie for the school's hockey team.[16]
References
Vorlage:Governors of the Bank of Canada
- ↑ Bank of Canada's Mark J. Carney Biography
- ↑ Bank of Canada Press Release
- ↑ New Bank of Canada governor named
- ↑ Paul Vieira: Carney vaults over heir apparent for Bank of Canada top job, National Post, 4. Oktober 2007. Abgerufen am 4. Januar 2008
- ↑ a b c Heather Scoffield: Mark Carney takes up his mission, The Globe and Mail, 26. Januar 2008, S. B1, B4–5. Abgerufen am 29. Januar 2008
- ↑ Mark Carney named next Bank of Canada governor, CBC News, 4. Oktober 2007. Abgerufen am 4. Januar 2008
- ↑ Globe and Mail. The governor gets his hands dirty. Retrieved 2011-02-11.
- ↑ Bank of Canada press release
- ↑ Bank of Canada press release
- ↑ Bank of Canada press release
- ↑ Bloomberg. Carney Shows How Canada Controls Risk So Central Banks Can Too. Retrieved 2011-02-11.
- ↑ BIS Bank for International Settlements Staff Report for the 2010 Article IV Consultation. Retrieved 2011-02-11.
- ↑ BIS press release. Retrieved 2011-02-11.
- ↑ Financial Times Fifty who will frame a way forward. Retrieved 2011-02-11 (registration)
- ↑ Time The 2010 TIME 100. Retrieved 2011-02-11.
- ↑ Globe and Mail Mark Carney takes up his mission. Retrieved 2011-02-11.