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Canadian named new UK Bank governor

Aljazeera

Mark Carney, current head of the Bank of Canada, has been named as the new governor of the Bank of England.

George Osborne, British finance minister, announced the 47-year-old Carney as the new head of the Bank of England to parliament on Monday.

“I can tell parliament and the public that the next governor of the Bank of England is Mark Carney,” the chancellor of the Exchequer told legislators.

‘Simply the best’

Osborne described the chair of the global Financial Stability Board as “quite simply the best, most experienced and most qualified person in the world to be the next governor of the Bank of England”.

Carney will take over from Mervyn King, who has lead the BoE since 2003 and will step down on June 30.

He comes from outside Europe, but in his role at the FSB, Carney has been involved in dealing with some of the fallout from the global financial crisis and fighting the eurozone debt crisis.

Britain is not a member of the eurozone, but is deeply concerned that the thrust of European Union policies to reform finance threaten the city of London.

Osborne described Carney as “the outstanding central banker of his generation with unparallelled expertise in financial regulation” who has helped steer Canada through the global financial crisis.

Carney, who intends to take on British citizenship, will serve as BoE governor for a five-year term until the end of June 2018.

“He will bring a fresh perspective,” Osborne told parliament. “He has got what it takes to help bring families and businesses through these incredibly challenging economic times.

“My responsibility was to get the best for Britain, and with Mark Carney we’ve got that.”

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2 comments to Canadian named new UK Bank governor

  • Raja

    Wikipedia:

    Mark Joseph Carney[1] (born March 16, 1965) is the eighth and current Governor of the Bank of Canada and the current Chairman of the G20′s Financial Stability Board.[2] These appointments were on October 4, 2007 (for a seven-year term), and on November 4, 2011 (for a three-year term).[3][4] Carney achieved these positions by working his way up the ranks of Goldman Sachs, the Canadian Department of Finance, and the Bank of Canada as Deputy Governor. Carney has been credited with shielding Canada from the worst effects of the late-2000s financial crisis, and has earned recognition by the Financial Times and TIME magazine as a top figure in the financial world.

    • JustPlainDave

      Wikipedia:

      An association fallacy is an inductive informal fallacy of the type hasty generalization or red herring which asserts that qualities of one thing are inherently qualities of another, merely by an irrelevant association. The two types are sometimes referred to as guilt by association and honor by association. Association fallacies are a special case of red herring, and can be based on an appeal to emotion.

      [To be clear, I don't know Carney by anything other than his rep in town, but I do know when a case isn't being well made. Here's hoping that the association between him and Canada's current economic condition isn't equally fallacious. Or given that he's leaving, maybe I do hope that. Did I mention I hated philosophy class?]

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