An Interview with Bank of Canada Governor Mark Carney

Some Facts about Bank of Canada Governor Mark Carney - At the time of his appointment, Carney was the youngest central bank chief in both the G8 and G20. - Carney spent 13 years working in the private sector at Goldman Sachs. While this time meant he did not have much experience working in public policy, he did have a lot of experience behind the scenes, making deals. - Upon taking the position of governor of the Bank of Canada, he made it known that he wanted to focus on global markets that shape much of Canada’s economy, and also encourage the bank to pay closer attention to financial markets and investments. - Another one of Carney’s fundamental priorities was to ensure “low, stable and predictable” inflation, which is what he predecessor had also done. - His management of the Bank of Canada, during three years of global economic crisis, has been highly praised by observers, saying that Carney has “phenomenal credibility globally.” - He has been lauded for running an expansive monetary policy to soften the blow of the global economic downturn, and has also cut interest rates to their lowest level in Canada’s history. - In 2009, the Financial Times placed him on the list of “Fifty who will frame a way forward” saying that with his experience at Goldman Sachs, and his time spent as an official attending international meetings, “he is well placed to understand the pressures of both banking and regulating.” - Time magazine placed him on the 2010 Time 100 list, and commended his “straight talk” - warning Canadians not to take on too much personal debt - as something people rarely hear from a someone whose job it is to boost the economy. - In addition to his duties as Governor of the Bank of Canada, he serves as Chairman of the Financial Stability Board and as a member of the Board of Directors of the Bank for International Settlements. He is also a member of the Group of Thirty, and of the Foundation Board of the World Economic Forum. - In a recent speech titled Growth in the Age of Deleveraging , Carney discussed how Canada can grow in an environment of global deleveraging and the “debt super cycle.” He also said that “Europe’s problems are partly a product of the initial success of the single currency. After its launch, cross-border lending exploded.... Over time, competitiveness eroded. Euro-wide price stability masked large differences in national inflation rates.... Growth models across Europe must radically change.”