Current Governor of the Bank of Canada Mark Carney has been appointed as the new Governor of the Bank of England, to start 1 July 2013.
Carney will succeed Sir Mervyn King, beating other candidates to the coveted post despite an apparent reluctance to take it up.
His credentials are impressive: as governor of the Canadian central bank, Carney is seen as partially responsible for Canada’s economic stability in the face of global recession, which included no double-dip and required no bank bailouts. His quick cut to interest rates when the economy started a downturn and commitment to holding them low are thought to have contributed to this, a policy that has since been aped by the US Federal Reserve.
Chancellor of the Exchequer, George Osborne, who fought hard for several months to persuade Carney to accept the position has said of the appointment: ‘We needed the best – and in Mark Carney we’ve got it.’
Whether Carney is up to the more difficult challenge of resuscitating the British economy remains to be seen, but he is expected to hold the position for five years.