New BoC Governor
The Bank of Canada’s new governor (from Feb. 1) was announced today, as former Golman Sachs investment banker Mark Carney. Carney, 42, will become the the youngest central bank governor among the G8 nations when he begins his term. Finance Minister Jim Flaherty trumped youth over experience when choosing Carney, currently the senior associate deputy minister at the Department of Finance. Most anticipated governor David Dodge’s successor to be Paul Jenkins, the Bank of Canada’s senior deputy governor.
“Mark is eminently qualified to lead the Bank of Canada and we are confident he will provide a steady hand to help maintain the stability of Canada’s monetary system,” Flaherty said.
Mark Carney resigned from his position in Golman Sachs in 2003 to accept his post as deputy governor at the BoC, after being recruited by governor David Dodge. In 2004, he moved to the Department of Finance’s No. 3 job.
Carney did not issue comments as to where he leans on issues such as inflation, the dollar, the credit crunch and troubles in manufacturing. He did however reassure sticking to the bank’s objective to maintain “low, stable, predictable inflation”.
Carney has been appointed with a seven-year term, with a salary of $340,000 to $400,000 annually.
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