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Canada’s central bank chief to replace King at Bank of England

Mark Carney, the governor of the Canadian central bank, has been chosen to replace Sir Mervyn King as the governor of the Bank of England, it was announced today.

Chancellor George Osborne revealed the appointment and told Parliament that Carney offered the “strong leadership and external experience the Bank needs” and added that the Canadian would apply for British citizenship, according to a BBC report.

The Canadian economy has not been as hard hit by the financial crisis of 2008 and the following economic turmoil as many Western economies.

The Chancellor said Carney was “acknowledged to have weathered the economic storm better than any other Western economy”.

Carney will leave his post in May next year and has agreed to govern the Bank of England for a term of five years, but the traditional term for a Bank of England governor is eight years.

Following the coalition government’s decision to fade out the Financial Services Authority (FSA) and place increased regulation powers with the Bank of England, the Canadian will become the UK’s most influential economic policy maker and regulator.


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