Former Bank of Canada governor launches leadership campaign to replace Trudeau

Mark Carney, former governor of the Bank of Canada and the Bank of England, announced on January 16 his candidacy to lead the Liberal Party and replace Prime Minister Justin Trudeau, emphasizing his commitment to revitalizing the struggling Canadian economy.

Carney, 59, launched his campaign in Edmonton, presenting himself as an outsider not affiliated with Trudeau’s controversial government, Caliber.Az reports, citing foreign media.

Trudeau, who has faced declining popularity and poor polling numbers, resigned earlier this month, with his departure set for March 9.

Carney's main competition is expected to come from former finance minister Chrystia Freeland, whose resignation last month over policy disagreements contributed to Trudeau’s decision to step down.

The next prime minister may face a short tenure, as the minority government is at risk of being toppled as early as the end of March. Should that happen, an election could follow, and polls suggest the opposition Conservative Party would likely secure victory.

Carney, who has extensive financial experience, is positioning himself as a seasoned leader capable of navigating economic challenges. "I am going to be completely focused on getting our economy back on track," Carney stated in his speech. "I’ve helped manage multiple crises, and I’ve helped save two economies. I know how business works, and I know how to make it work for you."

Despite presenting himself as an outsider, Carney has close ties to Trudeau, who appointed him to lead an economic growth task force in September. The Conservative Party, however, dismissed Carney’s outsider status, pointing to his long history within the Liberal establishment.

Carney’s career includes stints with Goldman Sachs and the Canadian finance ministry before becoming Bank of Canada governor in 2007, where he responded to the global financial crisis. In 2013, he took the helm at the Bank of England, making history as the first person to lead two major central banks.

After stepping down in 2020, Carney served as the United Nations special envoy for climate action and finance, while also holding executive roles at Brookfield Asset Management and on the boards of PIMCO and Stripe. He confirmed that he resigned from all commercial roles and his UN post before launching his leadership bid.

"I’ve cut all my ties. I am all in," Carney said.

By Tamilla Hasanova