Economy and Finance

Bank of Canada reform "will continue" after departure for England: Carney


Tue Nov 27, 2012 11:00am PST

Bank of Canada governor Mark Carney, credited with leading Canada through the 2008 financial crisis, says that Canada's financial reform will continue after he leaves the country for his new job as governor of the Bank of England.

Critics of Carney's departure have voiced concern that the upcoming Bank of Canada leadership change comes as Canada shifts to slower growth and grapples with a correction in its housing market.

Carney said the Bank of Canada has been "helping to lead the reform of the global financial system."

He said his departure won't change that.

"Canadians can be confident that such leadership will continue," he said. "The depth and quality of its human resources, the dedication of its employees and the clarity of its strategic vision will ensure that the bank will continue to promote economic and financial welfare of all Canadians."

Carney will leave his current position on June 1, 2013, and start his new position a month later.

Carney, whose appointment was confirmed by the Queen, has said that he's honoured to have been selected for the "demanding" role in England.

"This," he said, "is a critical time for the British, European and global economies; a decisive period for reform of the global financial system including its leading financial centre, the City of London; and a crucial point in the Bank of England's history as it accepts vital new responsibilities."

jwagler@biv.com

@JennyWagler_BIV

Tags: economy, business and finance, economy, London, international economic institution, Bank of Canada



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