Central bank roles


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
Prime Minister	Stephen Harper
Preceded by	David A. Dodge
Succeeded by	Stephen Poloz
Deputy Governor of the Bank of Canada
In office August 10, 2003 – November 15, 2004
Prime Minister	Paul Martin
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
Preceded by	Position established
Succeeded by	Vacant
Senior Associate Deputy Minister of Finance
In office November 15, 2004 – February 4, 2007
Prime Minister	Paul Martin Stephen Harper
Preceded by	Kevin G. Lynch
Succeeded by	Micheal Horgan

Personal details

Born

Mark Joseph Carney

March 16, 1965 (age 60)
Fort Smith, Northwest Territories, Canada

Citizenship

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

Political party

Liberal

Spouse

Diana Fox

(m. 1994)

Children

Alma mater

Signature

Scientific career

Fields

Economics

Thesis

The dynamic advantage of competition (1995)

Doctoral advisor

Margaret A. Meyer

**Ice hockey career**
Position	Goaltender
Played for	Harvard Crimson (1986–87) Oxford University Blues (1992–94)
Playing career	1986–1994

Mark Joseph Carney (born March 16, 1965) is a Canadian politician and economist. He is currently the 24th prime minister of Canada. He leads the Liberal Party and has been a Member of Parliament (MP) for Nepean since 2025.

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. Before becoming a politician, he worked at Goldman Sachs. He then joined the Bank of Canada in 2003. In 2007, he became the Governor of the Bank of Canada. He helped guide Canada's economy during the global financial crisis that started in 2007.

From 2013 to 2020, Carney was the Governor of the Bank of England. He helped the UK economy deal with Brexit and the start of the COVID-19 pandemic. After leaving central banking, he worked on climate action and finance. In 2025, he won the leadership of the Liberal Party of Canada and became prime minister.

Early Life and Education

Mark Carney was born on March 16, 1965, in Fort Smith, Northwest Territories. His mother, Verlie Margaret, was a stay-at-home mom. His father, Robert James Martin Carney, was a high school principal. His grandparents on his father's side were from County Mayo, Ireland.

When Mark was six, his family moved to Edmonton, Alberta. His father ran for a political office in 1980. His mother went back to university to become a teacher when Mark was ten. Mark has three siblings: an older brother Seán, an older sister Brenda, and a younger brother Brian.

Mark went to St. Francis Xavier High School. He then attended Harvard University with some financial help. He earned a bachelor's degree in economics from Harvard in 1988.

He continued his studies at the University of Oxford, at St Peter's College and Nuffield College. He received a master's degree in 1993 and a doctorate in 1995, both in economics. While at Harvard, he was a backup goalie for the varsity ice hockey team. He was also a co-captain of the Oxford University Ice Hockey Club.

Financial Career and Public Service

Carney worked for 13 years at Goldman Sachs, a large investment bank. He worked in many cities, including London, New York, and Tokyo. He held important roles, helping countries with their finances. For example, he worked on South Africa's entry into international bond markets. He also helped with Goldman's work during the 1998 Russian financial crisis.

In 2003, Carney left Goldman Sachs to join the Bank of Canada. He became a deputy governor there. A year later, he moved to the Department of Finance Canada. He became a senior associate deputy minister on November 15, 2004.

From 2004 to 2007, Carney worked for the Department of Finance. He served under two different finance ministers. During this time, he helped manage the government's plan to tax certain investments. He also oversaw the government's profitable sale of its share in Petro-Canada.

Governor of the Bank of Canada (2008–2013)

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

Leading During the Financial Crisis

Carney became Governor just as the global financial crisis began. Many people say his actions helped Canada avoid the worst effects of the crisis. He quickly cut interest rates in March 2008, soon after he started. This helped the economy.

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

When interest rates were very low, the Bank of Canada promised to keep them low for at least a year. This helped people and businesses feel more confident. Canada's economy recovered faster than other major countries. It was the first G7 nation to get back to its pre-crisis levels of economic activity and jobs.

Canada's careful financial rules also helped. A Newsweek writer noted that Canadian banks were strong and ready to take advantage of new opportunities.

Carney received many awards for his leadership during this time. He was named one of Financial Times's "Fifty who will frame the way forward." Time Magazine also included him in their 2010 Time 100 list. In 2012, Euromoney magazine named him "Central Bank Governor of the Year."

International Roles

Carney was also involved in important international groups. He chaired the Bank for International Settlements' Committee on the Global Financial System. He is a member of the Group of Thirty, which includes top financial experts. He also serves on the board of the World Economic Forum.

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

In November 2011, Carney became chairman of the Financial Stability Board. This group helps coordinate financial rules around the world. He said his appointment showed the strong reputation of Canada's financial system. This role was part-time, allowing him to finish his term at the Bank of Canada.

Governor of the Bank of England (2013–2020)

On November 26, 2012, Carney was appointed Governor of the Bank of England. He started this new role on July 1, 2013. He was the first person not from Britain to hold this position since the Bank of England began in 1694. The Bank of England gained more powers in 2013, including setting rules for bank capital.

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

Carney made changes to how the Bank operated. He appeared more often in the media than previous governors. He also introduced a policy called "forward guidance." This meant the Bank would not raise interest rates if unemployment was high. This was meant to encourage businesses to lend money.

In 2014, Carney warned that if Scotland became independent, it might not be able to keep using the British pound sterling.

Before the 2016 Brexit referendum, Carney warned that leaving the European Union could harm the economy. After the vote to leave, he made a public statement to calm people's fears. The Bank then cut interest rates and started a program to boost the economy. As he was leaving his role in March 2020, the Bank cut interest rates again to help against the economic effects of the COVID-19 pandemic.

After Central Banking (2020–2024)

In October 2020, Carney became vice chairman at Brookfield Asset Management. He focused on investments that consider environmental, social, and governance (ESG) factors. In February 2021, he clarified a previous statement about Brookfield's portfolio being "carbon neutral." He explained that while Brookfield has many renewable energy projects, this does not cancel out all emissions from other investments.

Carney also started the Taskforce on Scaling Voluntary Carbon Markets. This group aims to increase trading of carbon offsets. He said this market is important for reducing emissions.

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-Iweila, and president of the European Commission Ursula von der Leyen.

In February 2021, Carney joined the board of the financial technology company Stripe. He also helped launch the Glasgow Financial Alliance for Net Zero (GFANZ) at the COP26 climate conference in 2021. He is a co-chair of this group. In August 2023, he became the chair of the new board of directors for Bloomberg L.P.. In September 2024, he was named to lead the Liberal Party of Canada's task force on economic growth.

Political Beginnings

In 2012, then-Prime Minister Stephen Harper asked Carney to become the minister of finance for the Conservative government. Carney said no. He felt it was not right to go directly from being a central bank governor to a political role.

There was talk that Carney might run for the leadership of the Liberal Party in 2013, but he decided not to.

As he was leaving the Bank of England, Carney was appointed a United Nations Special Envoy on Climate Change in March 2020. He also advised Canadian Prime Minister Justin Trudeau on Canada's economic response to the COVID-19 pandemic.

Carney supported Catherine McKenney for mayor of Ottawa in the 2022 election. In October 2023, he supported Rachel Reeves of the UK Labour Party to be the next finance minister in the UK.

On September 9, 2024, Justin Trudeau asked Carney to lead the Liberal Party of Canada's Task Force on Economic Growth. His name was also mentioned as a possible finance minister.

Becoming Leader of the Liberal Party

2025 Leadership Campaign

On January 16, 2025, Carney officially announced he was running for the leadership of the Liberal Party of Canada. He stepped down from all his other roles to focus on his campaign. By February 9, his campaign had raised over $1.9 million from more than 11,000 people. He also received support from 66 Liberal Members of Parliament.

Carney won the leadership election on the first vote, with over 85.9% of the votes. This made him the leader of the Liberal Party. His victory was even bigger than Justin Trudeau's win in 2013. He won in all 343 electoral districts.

Prime Minister of Canada (2025–present)

After becoming leader of the Liberal Party on March 9, 2025, it was expected that Carney would soon become prime minister. He met with Justin Trudeau on March 10 to discuss the handover of power. Carney said the change would be smooth and quick.

The governor general of Canada invited Carney to form a government after Justin Trudeau resigned. Mark Carney was sworn in as the 24th prime minister of Canada on March 14, 2025. He also formed the 30th Canadian Ministry.

He is the first Canadian prime minister born in any of the territories. He is also the third prime minister born west of Ontario. Carney is the second prime minister to have a PhD degree. He is also the first prime minister to have never held an elected office before becoming prime minister.

Views and Policies

Mark Carney believes in building a better society. He often uses the phrase "Maîtres Chez Nous" (masters of our own house). This phrase is linked to a time of big changes in Quebec.

Economic Ideas

Wealth Differences

In 2011, Carney said the Occupy Wall Street protests were "constructive." He understood the frustration about growing differences in wealth, especially in the United States. In 2016, he warned about the risk of "staggering wealth inequalities." He noted that the richest 1% of Americans held a much larger share of wealth over time.

Money Policy

In August 2019, Carney gave a speech about challenges for money policy. He talked about how the US dollar is used a lot in international trade. He said this can make the global economy unstable. He suggested that central banks should work together to find a new main currency. He thought a "new Synthetic Hegemonic Currency" (SHC) could help. This could be like Libra, a digital currency. It would reduce the US dollar's strong influence on world trade.

From Moral to Market

In December 2020, Carney gave a series of talks called the Reith Lectures. He said that society has started to value money more than human values. He argued that we have moved from market economies to market societies. He discussed three major crises: financial, COVID, and climate.

Government Spending

Carney has suggested changes to tax policies. He proposed getting rid of the capital gains tax increase if he became prime minister. He also wants to run a government deficit but balance the daily operational spending.

Foreign Policy

Brexit

Carney often warned that Brexit would negatively affect the UK economy. Some people accused him of favoring the UK staying in the European Union (EU). He said it was his job to speak about such important issues.

In September 2018, it was confirmed that Carney would stay as Governor until January 2020. This was to help with a smooth transition after the UK left the EU. In November 2018, Carney warned that many parts of the British economy were not ready for a "no-deal Brexit."

In February 2019, Carney offered a less negative view on Brexit. He said that globalization has led to "imbalances of democracy and sovereignty." He saw Brexit as a test for a new global order. He thought it could show if countries can gain more democratic control while staying open.

NATO

In 2025, Carney promised that Canada would spend 2% of its Gross Domestic Product (GDP) on defense by the end of 2030. This is the target set by NATO.

Environmentalism

Climate Change

Carney has often supported environmental protection. He was appointed a United Nations Special Envoy on Climate Change in 2019. In March 2021, he said that Canada has a "huge economic opportunity" in moving to a sustainable economy. He believes it is time to listen to scientists about climate change risks.

In a January 2025 interview, Carney said that Canada's emissions mostly come from the oil industry. He argued that this industry must become cleaner. He proposed replacing the consumer carbon tax with a program that rewards green choices. He also promised a "carbon border-adjustment" to tax high-polluting foreign goods.

Housing

In March 2024, Carney wrote an article for The Globe and Mail. He supported a low-carbon housing policy that encourages building more homes in smaller areas. He argued that it should be easier for builders to create more homes. This includes removing limits on units and allowing taller buildings near transit.

Publications

Mark Carney's PhD thesis was titled The Dynamic Advantage of Competition.

In 2021, Carney published a book called Value(s) Building a Better World for All. It received positive reviews. He plans to publish another book, The Hinge: Time to Build an Even Better Canada, on May 13, 2025.

Personal Life

Mark Carney met his wife, Diana Fox Carney, at the University of Oxford. She is a British economist who focuses on developing countries. She is also involved in environmental and social justice causes. They married in July 1994 and have four children.

The family lived in Toronto and then Ottawa before moving to London in 2013. They moved back to Ottawa in 2020. Mark Carney is the godfather of Chrystia Freeland's son. Freeland ran against him in the 2025 Liberal Party leadership election.

Carney speaks French. He holds Canadian citizenship, and used to hold Irish and British citizenship. In 2025, he said he is giving up his Irish and British citizenships. He has relatives in Liverpool and supports the city's Everton F.C. He also supports the Edmonton Oilers and the Edmonton Elks sports teams.

Carney ran the 2015 London Marathon in 3 hours, 45 minutes, and 22 seconds. This was faster than his time at the 2011 Ottawa Marathon.

Carney is a practicing Catholic. In 2015, The Tablet named him the most influential Catholic in Britain.

Honours and Distinctions

Officer of the Order of Canada (OC)
Freeman of the City of London
Honorary degree of Doctor of Laws (LL.D) from the University of Manitoba (2013).
Honorary degree of Doctor of Laws (LL.D) from the University of Alberta (2016).
Honorary degree of Doctor of Laws (LL.D) from the University of Toronto (2018).
Honorary degree from the London Business School (2019).

Images for kids

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

Mark Carney facts for kids

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