Central bank roles


120th Governor of the Bank of England
In office July 1, 2013 – March 15, 2020
Appointed by	George Osborne
Preceded by	Sir Mervyn King
Succeeded by	Andrew Bailey
2nd Chair of the Financial Stability Board
In office November 4, 2011 – November 26, 2018
Preceded by	Mario Draghi
Succeeded by	Randal Quarles
8th Governor of the Bank of Canada
In office February 1, 2008 – June 3, 2013
Preceded by	David A. Dodge
Succeeded by	Stephen Poloz
Deputy Governor of the Bank of Canada
In office August 10, 2003 – November 15, 2004
Governor	David A. Dodge
Preceded by	Paul Jenkins
Succeeded by	Tiff Macklem

Other offices held

United Nations Special Envoy for Climate Action and Finance
In office December 1, 2019 – January 15, 2025
Appointed by	António Guterres
Senior Associate Deputy Minister of Finance
In office November 15, 2004 – February 4, 2007
Preceded by	Kevin G. Lynch
Succeeded by	Michael Horgan

Personal details

Born

Mark Joseph Carney

March 16, 1965 (age 61)
Fort Smith, Northwest Territories, Canada

Citizenship

Canada
Ireland (1980s–2025)
United Kingdom (2018–2025)

Political party

Liberal

Spouse

Diana Fox

(m. 1994)

Children

Parent

Robert J. Carney (father)

Education

Harvard University (BA)
University of Oxford (MPhil, DPhil)

Signature

Scientific career

Thesis

The dynamic advantage of competition (1995)

Doctoral advisor

Margaret A. Meyer

Influences

Mark Joseph Carney (born March 16, 1965) is a Canadian leader and economist. Since March 2025, he has served as the 24th Prime Minister of Canada. He is also the leader of the Liberal Party of Canada and a Member of Parliament for Nepean.

Before becoming prime minister, Carney held important roles in finance. He was the Governor of the Bank of Canada from 2008 to 2013. He then became the Governor of the Bank of England from 2013 to 2020. In these roles, he helped guide economies through challenging times, like the 2008 global financial crisis.

Carney was born in Fort Smith, Northwest Territories and grew up in Edmonton, Alberta. He studied economics at Harvard University and the University of Oxford. He worked in banking before joining the Bank of Canada in 2003. He later became a special envoy for the United Nations on climate action and finance. In 2025, he won the leadership of the Liberal Party and became prime minister.

Early Life and Education

Mark Joseph Carney was born on March 16, 1965, in Fort Smith, Northwest Territories. He has three siblings. When he was six, his family moved to Edmonton, Alberta, where he was raised.

His father, Robert J. Carney, was a high school principal and a university professor. His mother, Verlie Margaret, returned to university to become an educator when Mark was ten. Three of his grandparents were from Ireland.

Carney graduated from St. Francis Xavier High School in Edmonton in 1983. He then attended Harvard University on a scholarship. At Harvard, he played ice hockey as a backup goalie. He graduated in 1987 with a bachelor's degree in economics.

After Harvard, he went to the University of Oxford in Europe. He earned two advanced degrees in economics there, one in 1993 and another in 1995. His doctoral research focused on the benefits of competition. While at Oxford, he also co-captained the university's ice hockey team.

Financial Career

Carney worked for thirteen years at Goldman Sachs, a large investment bank. He worked in several cities around the world, including London and New York. He held senior positions, helping countries with their finances.

In 2003, Carney joined the Bank of Canada as a deputy governor. A year later, he moved to the Department of Finance Canada. There, he served as a senior associate deputy minister, working under two different finance ministers.

Governor of the Bank of Canada (2008–2013)

In October 2007, Carney was chosen to be the Governor of the Bank of Canada. He officially started this important role on February 1, 2008. At the time, he was the youngest central bank governor among the G8 and G20 nations.

Guiding Canada Through the 2008 Financial Crisis

Carney took on his role just as the 2008 financial crisis began. His actions as governor are widely seen as helping Canada avoid the worst effects of this global economic downturn.

Carney, then governor of the Bank of Canada, stands in the back row with other central bank governors during the 2008 G7 finance ministerial summit.

He quickly lowered interest rates to help the economy. When rates were as low as they could go, the Bank of Canada promised to keep them low for at least a year. This helped businesses and people feel more confident. Canada's economy recovered faster than many other major countries.

Some people noted that Canada's careful financial rules also helped. In 2009, a magazine article praised Canadian banks for being strong during the crisis.

Carney, then the governor of the Bank of Canada, speaks at the 2012 World Economic Forum's "Beyond Basel: Financial Institution Regulation" panel".

However, keeping interest rates very low also led to higher housing prices and more household debt. Carney acknowledged these issues but believed the overall economy was stable.

Carney received many awards for his leadership during this time. He was named "Central Bank Governor of the Year 2012" by Euromoney magazine.

International Financial Leadership

Carney also took on international roles. From 2011 to 2018, he chaired the Financial Stability Board. This group works to coordinate financial rules among countries to prevent future crises.

Carney speaks on the global economic outlook at the 2013 World Economic Forum panel.

His appointment to this role showed the strong reputation of Canada's financial system. He focused on making sure large banks were stable enough not to risk the global economy.

Governor of the Bank of England (2013–2020)

In November 2012, Carney was appointed Governor of the Bank of England. He started this new role on July 1, 2013. He was the first person from outside Britain to hold this position since the bank was founded in 1694.

Carney, then the governor of the Bank of England, attends a bilateral meeting with Guido Sandleris, the president of the Central Bank of Argentina.

The Bank of England gained new powers to set bank capital requirements. Carney made the bank more open by appearing in the media more often than previous governors. He also introduced a policy called "forward guidance" to help guide expectations about interest rates.

He warned that the UK's housing market could be a risk to financial stability. He noted that Canada built twice as many homes as the UK, even with half the population.

Carney also played a key role during the Brexit period. He warned that leaving the European Union could harm the economy. After the vote to leave, he helped calm public concerns and the bank cut interest rates. He extended his term to help with the transition after Brexit.

At the start of the COVID-19 pandemic in the United Kingdom, as his term was ending, the bank cut interest rates to protect the economy.

Post-Governorship Roles (2020–2024)

After leaving the Bank of England, Carney took on several roles. He advised Canadian prime minister Justin Trudeau on Canada's economic response to the COVID-19 pandemic.

He also became vice chairman at Brookfield Asset Management, focusing on investments that consider environmental and social impacts. Carney had stated that Brookfield's portfolio was carbon neutral, but later clarified that this was based on avoided emissions, and some concerns were raised about how emissions were calculated.

Carney on a panel at the COP26 alongside Canadian Prime Minister Justin Trudeau, managing director of the IMF Kristalina Georgieva, Director-General of the WTO Ngozi Okonjo-Iweala, and president of the European Commission Ursula von der Leyen

In 2020, Carney launched an initiative to increase trading of voluntary carbon offsets, which are ways for companies to balance out their carbon emissions. He also joined the board of a financial technology company called Stripe.

In 2023, Michael Bloomberg named Carney as chair of the new board of directors for Bloomberg L.P.. In September 2024, Carney became a special adviser and chair of the Liberal Party's task force on economic growth. During this time, Brookfield Asset Management, where Carney was vice chairman, sought funds from the federal government.

Political Beginnings

In 2012, then-Prime Minister Stephen Harper asked Carney to become the Minister of Finance for the Conservative government. Carney declined, feeling it was not appropriate to move directly from being a central bank governor to elected politics.

Carney meets with British Prime Minister Boris Johnson on January 16, 2020, to discuss COP26.

Later, officials in the Liberal Party approached him about running for their leadership in 2013, but he also declined then.

As he prepared to leave the Bank of England, Carney was appointed a United Nations Special Envoy on Climate Change in 2020. He also advised the UK Prime Minister on the COP26 climate conference.

In 2021, Carney spoke at the Liberal Party policy convention, showing his support for the party. He later ruled out running in the 2021 federal election due to his climate commitments.

Leader of the Liberal Party

2025 Leadership Election

On January 16, 2025, Carney officially announced his candidacy for the 2025 Liberal Party of Canada leadership election. He stepped down from all his other executive and advisory roles to focus on his campaign. He quickly gained strong support and won the leadership election on March 9, 2025, with a large majority of the votes.

Prime Minister of Canada (2025–Present)

Becoming Prime Minister

On March 14, 2025, just five days after winning the leadership, Carney was sworn in as the 24th Prime Minister of Canada. He became the first Canadian prime minister born in a territory (Northwest Territories) rather than a province. He was also the first prime minister never to have held elected office before.

Carney meets with British Prime Minister Keir Starmer on March 17, 2025.

One of his first actions as prime minister was to end the federal consumer carbon tax. He also made his first foreign visits to France and the United Kingdom to strengthen security ties. During his visit to the UK, he met with King Charles III.

The 2025 Federal Election

Carney called a federal election for April 28, 2025. He ran and won in the Nepean riding in Ottawa. The Liberal Party won the election, forming a minority government. Later, the Liberals gained a majority government as some opposition Members of Parliament joined their party and through by-elections.

Carney and King Charles III in the Senate chamber during the 2025 Speech from the Throne

To open the 45th Canadian Parliament, Carney invited King Charles III to deliver the 2025 Speech from the Throne. This was a symbolic act to affirm Canada's independence. The speech outlined the government's plans, including joining a European defence initiative called ReArm Europe.

Domestic Policies

Carney's government passed its first major law, the One Canadian Economy Act, in June 2025. This law aims to reduce trade barriers between Canadian provinces and speed up major infrastructure projects.

In November 2025, the government presented its federal budget. It included plans to reduce the number of civil servants, cut new temporary resident admissions, balance spending by 2029, and increase military spending to meet the NATO target of 2% of GDP by 2026.

Carney also reached an agreement with Alberta to build an oil pipeline to the British Columbia Coast. This project faced opposition from some groups, including Indigenous leaders and some Liberal MPs. Following this agreement, Steven Guilbeault, the former Minister of Environment and Climate Change, resigned from Cabinet.

Foreign Policies

In June 2025, Canada hosted the 51st G7 summit in Alberta. Carney, as chair, welcomed world leaders, including India's Narendra Modi and Ukraine's Volodymyr Zelenskyy.

In July 2025, Carney announced that Canada would officially recognize a Palestinian state at the next UN General Assembly meeting. In September 2025, he signed a free trade agreement with Indonesia, the first between Canada and a country in Southeast Asia.

Carney and Indonesian President Prabowo Subianto in Parliament Hill, Ottawa, September 24, 2025

In November 2025, Carney announced a large investment agreement with the United Arab Emirates (UAE). However, some groups raised concerns about the UAE's role in certain conflicts. Concerns were also raised about Canadian-made weapons being linked to conflicts.

Carney meets with United States President Donald Trump on May 6, 2025.

In January 2026, Carney visited China and met with Chinese leader Xi Jinping. They agreed to lower tariffs on Canadian canola oil and Chinese electric vehicles. Carney spoke about building a new partnership with China based on mutual interests. He also spoke about changes in global partnerships and the need for countries to work together, especially for middle-sized nations. Carney mentioned that discussions about human rights were part of the talks.

Carney with European Commission President Ursula von der Leyen on May 17, 2025

Carney has also focused on strengthening relationships with other Commonwealth countries like the United Kingdom, Australia, and New Zealand. This focus came in light of trade disagreements with the United States.

Views

Carney is often described as a moderate and a technocrat, meaning he focuses on practical solutions. He is seen as a "Blue Grit" Liberal, which means he supports economic freedom and social progress.

Economic Ideas

Wealth Inequality

Carney has spoken about the problem of wealth inequality. In 2011, he called the Occupy Wall Street protests "constructive," highlighting frustrations over the growing gap between the rich and everyone else. In 2016, he warned about the risks of "staggering wealth inequalities" in society.

Monetary Policy

Carney has discussed the global role of the US dollar. He suggested that central banks should work together to find new ways to manage international money systems. He believed this could help make the global economy more stable.

Fiscal Policy

As prime minister, Carney reversed a previous government's capital gains tax increase. He promised to implement tax cuts for the middle class and a new budgeting approach to save taxpayer money.

Petroleum Industry

Carney supports a new oil pipeline to the West Coast and a large carbon capture system for the Athabasca oil sands. The One Canadian Economy Act helps speed up approval for projects like pipelines.

Foreign Affairs

Brexit

Carney had warned that Brexit (the UK leaving the European Union) would likely have a negative impact on the UK economy. He felt it was his duty to speak about these important issues. He later spoke about Brexit as a test for a new global order.

NATO

Carney has committed that the Canadian government will increase defence spending to meet the NATO target of 2% of Canada's GDP by March 2026. He also committed to NATO's new 5% of GDP target by 2035.

Iran–Israel Conflict

Following Israeli actions in Iran in June 2025, Carney reaffirmed "Israel's right to defend itself" and called for calm. He supported the 2026 Israeli–United States actions in Iran, but stressed that Canada was not directly involved.

Gaza Conflict

In April 2025, Carney shared his views on the conflict in Gaza and supported an arms embargo on Israel. He also spoke about the conflicts in the region, drawing comparisons between them. In September 2025, Canada formally recognized the State of Palestine, becoming the first G7 nation to do so.

In October 2025, Carney confirmed Canada's commitment to international legal bodies and their rules regarding certain individuals.

India

Carney with Indian Prime Minister Narendra Modi at the 51st G7 summit on June 17, 2025

Under Prime Minister Mark Carney, Canada–India relations have improved after a period of disagreement. Carney hosted Indian Prime Minister Narendra Modi at the 2025 G7 summit. Both leaders focused on shared goals like clean energy and trade.

On June 23, 2025, Carney spoke about the 40th anniversary of the Air India Flight 182 bombing. He called it the "deadliest attack in our country’s history" and reaffirmed Canada's stand against terrorism.

China

Carney with Japanese Prime Minister Sanae Takaichi at APEC South Korea 2025

In June 2025, Carney warned about new threats to Canada's security from an "assertive China." However, relations improved after he became Prime Minister. He met with Chinese leader Xi Jinping in October 2025 and again in January 2026. They agreed to lower trade tariffs between their countries. Carney spoke about building a "new strategic partnership" with China.

Environmentalism

Carney has often spoken about the importance of protecting the environment. He served as a United Nations Special Envoy on Climate Change. He believes there is a "huge economic opportunity" in moving towards a sustainable economy with less carbon pollution.

He initially supported a consumer carbon tax but later suggested replacing it with incentives for green choices. He also promised a "carbon border-adjustment" to tax high-polluting foreign goods. Carney supports Canada's goal for electric vehicles to make up 100% of sales by 2035.

As prime minister, Carney eliminated the federal consumer carbon tax and paused federal fossil fuel emissions limits. He also made an agreement with Alberta for a new oil pipeline, which led to criticism from some environmental groups.

Immigration

In 2025, Carney campaigned to address "unsustainable" immigration to Canada. He noted that immigration levels had risen significantly. The Liberal Party pledged to reduce the number of permanent residents admitted to Canada each year.

In March 2025, Carney promised to reduce the number of temporary migrants and international students. He said this would help ease pressure on housing and public services.

Housing

In March 2024, Carney wrote an article supporting a housing policy that favors building more homes in existing areas rather than spreading out. He argued for making it easier to build taller buildings and more homes near public transportation.

Personal Life

Carney and his wife Diana Fox Carney at the 2018 G20 Buenos Aires summit

Carney met his wife, British economist Diana Fox Carney, while studying at the University of Oxford. They married in July 1994 and have four children. They lived in Toronto, Ottawa, and London before returning to Ottawa in 2020.

Carney is a Catholic and was named the most influential Catholic in Britain in 2015. He speaks French. He held citizenship in Canada, Ireland, and the United Kingdom. Before becoming Prime Minister in March 2025, he began the process of giving up his British and Irish citizenships to show his full commitment to Canada.

He is a supporter of the soccer team Everton FC and the ice hockey team Edmonton Oilers. He enjoys running and completed the 2015 London Marathon. In September 2025, he and his wife participated in the Haliburton Forest Trail Race.

Published Works

Carney's doctoral research was titled The Dynamic Advantage of Competition.

His first book, Value(s): Building a Better World for All, was published in 2021.

Honours and Distinctions

Officer of the Order of Canada (OC) in 2014.
Queen Elizabeth II Diamond Jubilee Medal in 2012.
Freeman of the City of London.
Honorary degrees from the University of Manitoba (2013), University of Alberta (2016), University of Toronto (2018), and London Business School (2019).
National Business Book Award (2021).

Mark Carney facts for kids

Contents