UK Names Canada's Carney To Head Bank Of England In Surprise Move

Category: Global Markets / Nov 26, 2012 2:56PM EDT
Britain's decision to appoint Canadian central bank chief Mark Carney as the next Bank of England Governor, was a major surprise to some. Victoria Clarke, a London economist, was shocked by the news. "It's a huge surprise, you know, we'd looked at the shortlist and Marc Carney had fallen off it some time ago, we knew that the Treasury had been keen to get him a while back but we all but thought he'd ruled himself out so it's certainly a high profile appointment for the chancellor but a big surprise," Victoria Clarke, an economist at Investec, said. Carney, a former Goldman Sachs investment banker who successfully helped steer the Canadian economy through the global crisis, will succeed Mervyn King next year. "I'm honored to accept this important and demanding role and I'm honored to succeed Mervyn King with whom I have worked closely over these past five years and from whom I have learned so much. This is a critical time for the British, European and Global economies it's a decisive period for reform of the global financial system including its leading financial center, the city of London, and it's a crucial point in the bank of England's history as it accepts vital new responsibilities" Carney told a news conference in Ottawa. Carney, 47, will be the first non-English governor of the Bank of England. He will stay in his position at Canada's central bank until June 1 next year.