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Mark Carney

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From Wikipedia, the free encyclopedia
Prime Minister of Canada since 2025
Not to be confused with Scottish businessmanMark Carne.
For the American football player and coach, seeMark Carney (American football).

Mark Carney
Head shot of Carney wearing a suit and tie
Carney in 2025
24th Prime Minister of Canada
Assumed office
March 14, 2025
MonarchCharles III
Governor GeneralMary Simon
Preceded byJustin Trudeau
Leader of the Liberal Party
Assumed office
March 9, 2025
Preceded byJustin Trudeau
Member of Parliament
forNepean
Assumed office
April 28, 2025
Preceded byChandra Arya
Central bank roles
Governor of the Bank of England
In office
July 1, 2013 – March 15, 2020
Appointed byGeorge Osborne
Preceded bySir Mervyn King
Succeeded byAndrew Bailey
2ndChair of the Financial Stability Board
In office
November 4, 2011 – November 26, 2018
Preceded byMario Draghi
Succeeded byRandal Quarles
8th Governor of the Bank of Canada
In office
February 1, 2008 – June 3, 2013
Prime MinisterStephen Harper
Preceded byDavid A. Dodge
Succeeded byStephen Poloz
Deputy Governor of the Bank of Canada
In office
August 10, 2003 – November 15, 2004
Prime MinisterPaul Martin
GovernorDavid A. Dodge
Preceded byPaul Jenkins
Succeeded byTiff Macklem
Other offices held
United Nations Special Envoy for Climate Action and Finance
In office
December 1, 2019 – January 15, 2025
Appointed byAntónio Guterres
Senior Associate Deputy Minister of Finance
In office
November 15, 2004 – February 4, 2007
Prime Minister
Preceded byKevin G. Lynch
Succeeded byMichael Horgan
Personal details
BornMark Joseph Carney
(1965-03-16)March 16, 1965 (age 60)
Citizenship
  • Canada
  • Ireland (1980s–2025)
  • United Kingdom (2018–2025)
Political partyLiberal
Spouse[1]
Children4
ParentRobert J. Carney
ResidenceRideau Cottage[2]
Education
Signature
Websitewww.markcarney.ca
Academic background
ThesisThe dynamic advantage of competition (1995)
Doctoral advisorMargaret A. Meyer
InfluencesGalbraithSchumpeter
Academic work
DisciplineEconomics
School or traditionNew neoclassical synthesis

Mark Joseph Carney (born March 16, 1965) is a Canadian politician and economist who has been serving as the 24thprime minister of Canada since 2025. He has also beenleader of the Liberal Party and themember of Parliament (MP) forNepean since 2025. He previously wasGovernor of the Bank of Canada from 2008 to 2013 andGovernor of the Bank of England from 2013 to 2020.

Carney was born inFort Smith, Northwest Territories, and raised inEdmonton, Alberta. He graduated with a bachelor's degree ineconomics fromHarvard University in 1987. He then studied at theUniversity of Oxford, where he earned a master's degree in 1993 and a doctorate in 1995, both in economics. He pursued a career at the investment bankGoldman Sachs before joining theBank of Canada as a deputy governor in 2003. In 2004, he was recruited to theDepartment of Finance Canada as a senior associatedeputy minister. From 2008 to 2013, Carney served as the eighthgovernor of the Bank of Canada, overseeing Canadianmonetary policy during the2008 global financial crisis. In 2011, he was appointed as chair of theFinancial Stability Board, a position which he held for two terms until 2018. Following his term as Governor of the Bank of Canada, Carney was appointed as the 120thgovernor of the Bank of England, becoming the first non-British citizen to be appointed to the role. He served from 2013 to 2020, leading the British central bank's responses toBrexit and the onset of theCOVID-19 pandemic.

After leaving central banking, Carney held several roles across theprivate andpublic sectors. He served as chair ofBloomberg L.P., co-chair of theWorld Bank's private sector investment lab, and vice-chair atBrookfield Asset Management, a subsidiary ofBrookfield Corporation. From 2020, Carney was theUnited Nations Secretary-General'sSpecial Envoy on Climate Action and Finance. Carney was also an informal advisor to Canadian prime ministerJustin Trudeau at the start of theCOVID-19 pandemic, before returning to the private sector. In 2024, he was appointed as chair of theLiberal Party's Task Force on Economic Growth. In January 2025, after Trudeau announced thathe would resign amid apolitical crisis, Carney entered theLiberal Party leadership election, and won a landslide victory that March. Shortly after becoming party leader, Carney was appointed prime minister andadvised theGovernor General todissolve Parliament and trigger afederal election. He led the Liberal Party to aminority government, overturningprevious poor opinion polling to win the party's fourth consecutive mandate since2015. He was also elected for the first time to theHouse of Commons in theriding ofNepean.

Duringhis tenure as prime minister, Carney repealed thefederal consumer carbon tax, enacted theOne Canadian Economy Act to reduce interprovincial trade barriers and expedite major infrastructure projects in response to theongoing trade war with the United States, and launched theBuild Canada Homes agency.Carney's government also announced a significant increase indefence spending,formally recognized theState of Palestine, and has continuedsupport for Ukraine in theRusso-Ukrainian war.

Early life and education

Mark Joseph Carney was born on March 16, 1965, at St. Ann's General Hospital inFort Smith, Northwest Territories.[4][5][6] He has three siblings: an older brother and sister, Seán and Brenda, and a younger brother, Brian.[5] When Carney was six, his family moved toEdmonton, Alberta'sLaurier Heights where he was raised.[5][7]

He is the son of Verlie Margaret (née Kemper), a stay-at-home mother, andRobert J. Carney, a high school principal and Professor of Educational Foundations at theUniversity of Alberta.[8][9][10][11] His father was the Liberal candidate forEdmonton South in the1980 federal election, placing second.[12] His mother returned to university to pursue a career in education when Carney was ten.[9] Three of his four grandparents were Irish, fromAughagower inCounty Mayo.[13][14]

Carney graduated in the class of 1983 fromSt. Francis Xavier High School, Edmonton, Alberta.[15] From there, he went on to study atHarvard University with a partial scholarship and financial aid.[5][9][16] During his Harvard years, he was backupgoalie for thevarsity ice hockey team[17] and was a roommate of future NHL general managerPeter Chiarelli and former ice hockey playerMark Benning.[18][19] He lived atWinthrop House, and graduated in 1987 with a bachelor's degree in economicsmagna cum laude.[20]

After Harvard, he travelled to Europe to study at theUniversity of Oxford. There he undertookpostgraduate studies atSt Peter's College andNuffield College, where he receivedMaster of Philosophy (MPhil) and Doctor of Philosophy (DPhil) degrees in economics in 1993 and 1995, respectively.[20][16][21] His master's thesis was titled "Competitive advantage and the advantage of competition: a theoretical analysis of national champions, learning-by-doing and spillovers",[22] and his doctoral thesis was titled "The dynamic advantage of competition".[23] Hisdoctoral advisor wasMargaret Meyer.[24] While at Oxford, he was co-captain of theOxford University Ice Hockey Club alongside fellow CanadianDavid Lametti.[25]

In 2021, he was elected toHarvard University's Board of Overseers through to 2027. He resigned in early 2025, around the time he assumed leadership of the Liberal Party.[26][27][28]

Financial career

Carney spent thirteen years atGoldman Sachs[29] and worked in theirBoston, London, New York City, Tokyo, andToronto offices.[30] His progressively more senior positions included co-head ofsovereign risk, executive director for emerging debtcapital markets, and managing director forinvestment banking. He worked on South Africa'spost-apartheid venture into internationalbond markets, and was involved in Goldman's work with the1998 Russian financial crisis.[5]

In 2003, Carney left Goldman Sachs to join theBank of Canada as a deputy governor.[31] One year later, he was recruited to theDepartment of Finance Canada assenior associate deputy minister, beginning on November 15, 2004.[32]

From November 2004 to October 2007, Carney was the senior associate deputy minister andG7 deputy in theDepartment of Finance Canada. He served under twofinance ministers:Ralph Goodale, aLiberal; andJim Flaherty, aConservative. During this time, Carney oversaw theGovernment of Canada's controversial plan to taxincome trusts at source.[33] Carney was also the lead on the federal government's profitable sale of its 19 per cent stake inPetro-Canada.[18][34]

Governor of the Bank of Canada (2008–2013)

In October 2007, Carney was appointedGovernor of the Bank of Canada.[35] He immediately left his position at the Department of Finance to become an advisor to the outgoing governor,David Dodge, before formally assuming Dodge's position on February 1, 2008.[35] Carney was selected overPaul Jenkins, the senior deputy governor, who had been considered the front-runner to succeed Dodge.[36]

Carney took on this role at the beginning of the2008 financial crisis. At the time of his appointment, Carney was the youngest central bank governor among theG8 andG20 nations.[37]

2008 financial crisis

Carney's actions as Governor of the Bank of Canada are said to have played a major role in helping Canada avoid the worst impacts of the2008 financial crisis.[38][39]

Carney, thengovernor of the Bank of Canada, stands in the back row with other central bank governors during the 2008G7 finance ministerial summit.

The epoch-making feature of Carney's tenure as governor remains the decision to cut the overnight rate by 50basis points in March 2008, one month after his appointment. While theEuropean Central Bank delivered a rate increase in July 2008, Carney anticipated the leveraged-loan crisis would trigger globalfinancial contagion. When policy rates in Canada hit the effective lower bound, the central bank combated the crisis with thenon-standard monetary tool "conditional commitment" in April 2009 to hold the policy rate for at least one year, in a boost to domestic credit conditions and market confidence. Output and employment began to recover from mid-2009, in part thanks to monetary stimulus.[40] The Canadian economy outperformed those of its G7 peers during the crisis, and Canada was the first G7 nation to have both its Gross Domestic Product (GDP) and employment recover to pre-crisis levels.[41]

The Bank of Canada's decision to provide substantial additionalliquidity to the Canadian financial system,[42] and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year,[43] appear to have been significant contributors to Canada's weathering of the crisis.[44][page needed]

Carney, then the governor of theBank of Canada, speaks at the 2012World Economic Forum's "Beyond Basel: Financial Institution Regulation" panel".

The commitment to ultra-low lending rates led to a spike in housing prices and household debt.[45] In April 2012, Carney acknowledged there were "issues in some segments of the housing market" and some properties in Canada were "probably overvalued" but he was not overly concerned. He stated low-interest rates were not to blame but the onus was on individuals who take out the loans, the banks, and the federal government's mortgage lending rules.[46] Before Carney left for the Bank of England, there were calls to raise rates as Canadians were holding record-level debt and the housing market was overheated.[47][48][49][50][51]

Canada'srisk-averse fiscal and regulatory environment is also cited as a factor. In 2009 aNewsweek columnist wrote, "Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize."[52]

Carney earned various accolades for his leadership during the2008 financial crisis: he was named one ofFinancial Times's "Fifty who will frame the way forward"[53] and ofTime Magazine's2010 Time 100.[54] In May 2011,Reader's Digest named him "Editor's Choice for Most Trusted Canadian".[9] In October 2012, Carney was named "Central Bank Governor of the Year 2012" by the editors ofEuromoney magazine.[55]

International organization memberships

Carney was chairman of theBank for International Settlements'Committee on the Global Financial System from July 2010 until January 2012.[56]

Carney speaks on the global economic outlook at the 2013 World Economic Forum panel.

Carney was a member of theGroup of Thirty, an international body of leading financiers and academics, and of the Foundation Board of theWorld Economic Forum.[57][58] Carney attended the annual meetings of theBilderberg Group in 2011, 2012 and 2019.[59][60]

On November 4, 2011, Carney was named chairman of theBasel-basedFinancial Stability Board, which coordinates international financial regulatory authorities.[61] In a statement, Carney credited his appointment to "the strong reputation of Canada's financial system and the leading role that Canada has played in helping to develop many of the most important international reforms".[62]

The three-year term was a part-time commitment, allowing Carney to complete his term at the Bank of Canada. While there had been no indication of his priorities as chairman, on the day of his appointment the Board published a list of 29 banks that were considered large enough to pose a risk to the global economy should they fail.[63][64] At his first press conference as Chairman of the FSB in January 2012, Carney laid out his key priorities for the board.[65] In November 2014, Carney was reappointed to a second term as chairman.[66] This second term ended in 2018, while he was in his next post at the Bank of England.[67]

Governor of the Bank of England (2013–2020)

On November 26, 2012,Chancellor of the ExchequerGeorge Osborne announced the appointment of Carney asGovernor of the Bank of England.[68] He succeededSir Mervyn King on July 1, 2013.[69] He was the firstCommonwealth citizen from outside Britain to be appointed to the role since theBank of England was established in 1694. The Bank of England was given additional powers from 2013, such as the ability to set bank capital requirements.[70] Although the usual term for governor is eight years, Carney indicated that he only intended to serve for five years and stand down in 2018.[71]

Carney, then thegovernor of the Bank of England, attends a bilateral meeting withGuido Sandleris, the president of theCentral Bank of Argentina.

Before taking up the post, Carney had already indicated disagreement with the Bank of England's Executive Director of Financial StabilityAndy Haldane, specifically on leverage ratios and bank break-ups. He has been quoted as saying that Haldane does not have a "proper understanding of the facts" on bank regulation.[40] He was thought to have been offered a total pay package of about£624,000 per year, approximately £100,000 more per year than his predecessor.[69]

Shortly before Carney took up the post, the Bank of England took up financial regulation duties from theFinancial Services Authority. Carney's changes to the Bank's operating procedures helped modernize the institution by making much more media appearances than predecessors, including controversial announcements during two referendums.[67] Carney implemented a policy called "forward guidance" in which the Bank would not raise interest rates if unemployment was above 7% to try and encourage business lending.[67] This policy, which contained many conditions, would later be considered confusing and complicated.[72]

In May 2014, Carney warned the UK's heated housing market was the biggest risk to financial stability, and he was considering providing advice on theHelp to Buy mortgage scheme, which some believed was contributing to housing inflation.[73] He stated UK housing prices and the lack ofaffordability of housing in the United Kingdom was due to limited supply, and stated that twice as many homes were built in Canada than in the UK, although Canada had half the population.[74]

Carney stated foreign cash buyers in the London market were beyond his control but he believed they did not pose a significant risk to the rest of the country. Carney assured the public the Bank was monitoring rising property prices and large-value mortgages to avoiddebt overhang destabilizing the economy.[73]

In 2014, Carney warned that if theScottish independence referendum was successful, the new country would likely not be able to continue using thepound sterling without ceding some powers to the UK.[67]

In 2015, Carney changed the number of yearly interest rate meetings from 12 to eight and ordered minutes to be published during the announcements.[67]

Before the2016 Brexit referendum, Carney warned that leaving the European Union could cause a recession. After theresignation of Prime Minister David Cameron, he made another public announcement shortly after the result supporting a departure, in which he announced that the financial system would operate normally to assuage public concerns. Afterwards, the bank cut interest rates in half from 0.5% to 0.25% and restartedquantitative easing.[67] At the urging of Prime MinisterTheresa May andChancellor of the ExchequerPhilip Hammond, Carney agreed to extend his term while the UK undertookBrexit negotiations, but only for one year.[75] He further agreed to an additional seven months in September 2018, to "support a smooth exit" from the EU,[76] and to a further two months for an orderly transition to his successor,Andrew Bailey.[77]

At the start of theCOVID-19 pandemic in the United Kingdom, as Carney was set to leave the governorship in March 2020, the bank cut interest rates by 0.5% to protect against the pandemic's expected economic shocks.[67]

Post-governorships (2020–2024)

In 2020, Carney served as one of many informal advisors to Canadian prime ministerJustin Trudeau, advising him on the government'sCOVID-19 economic response.[78][79][80] Carney reportedly advised Trudeau onCanada's response to the COVID-19 pandemic, with Trudeau looking to Carney to help Canada get out of itsrecession.[81] Due to this, Carney was speculated to potentially becomeMinister of Finance, and later, Canadian prime minister if Trudeau resigned.[80]

In October 2020, Carney was vice chairman atBrookfield Asset Management (BAM), where he led the firm'senvironmental, social and governance (ESG) and impact fund investment strategy.[82][83][84][85] In February 2021, Carney retracted an earlier claim that theUS$600 billion Brookfield Asset Management portfolio wascarbon neutral. He had based his claim on the fact that Brookfield has a largerenewable energy portfolio and "all the avoided emissions that come with that". The claim was criticized as accounting tricks because avoided emissions do not counteract the emissions from investments in coal and other fossil fuels responsible for Brookfield'scarbon footprint of about 5,200 metric tons of carbon dioxide.[86][87]

Carney on a panel at theCOP26 alongside Canadian Prime MinisterJustin Trudeau, managing director of theIMFKristalina Georgieva,Director-General of the WTONgozi Okonjo-Iweala, andpresident of the European CommissionUrsula von der Leyen

In 2020, Carney launched the Taskforce on Scaling Voluntary Carbon Markets—an initiative to increase trading of voluntarycarbon offsets[88] with Bill Winters as Group Chief Executive.[89] The TSVCM is sponsored by theInstitute of International Finance.[89] Taskforce members include more than "40 leaders from six continents with backgrounds across the carbon market value chain", including representatives from theBank of America,BlackRock,Bloomberg's New Energy Finance,BNP Paribas,BP,Boeing,Goldman Sachs,Tata Steel,Total,IHS Markit, and LSE.[89] In a December 3, 2020Financial Times article, Carney said that the voluntary global carbon offset market was an "imperative" to help reduce emissions. TheTimes article cited Carney saying London would likely host the "new pilot market for voluntary carbon offsets" that could be "set up" by December 2021.[88]

In February 2021, Carney joined the board of fintech companyStripe.[90] Carney helped launch the Glasgow Financial Alliance for Net Zero (GFANZ) at COP26 in Glasgow in November 2021. He acts as the group's co-chair.[91] From 2022 to January 2025, Carney has also been an advisor to Watershed, a climate tech company founded by Stripe alumni that proposes to be "the platform companies need to succeed in theclimate economy".[92] In August 2023, Carney was named byMichael Bloomberg as chair of the new board of directors forBloomberg L.P. as part of a broader reshuffle of the company's leadership.[93]

In September 2024, Carney became a special adviser and chair of the Liberal task force on economic growth.[94][95] Shortly after the appointment, it was revealed Brookfield Asset Management had solicited the federal government forCA$10 billion in funds as part of $50 billion Canada-only asset fund. Carney did not need to follow standard ethical disclosures mandatory for prime ministerial advisors because he was employed by the Liberal Party rather than the Prime Minister's Office.[96][97]

Political beginnings

According to Carney, in 2012, Canadian Prime MinisterStephen Harper asked Carney—who was then governor of the Bank of Canada—if he would join theConservative government asminister of finance. Carney declined, stating in a February 2025 interview with theCBC that he felt it "wasn't appropriate" for him to proceed with the offer because he felt it was not right to "go directly from being governor into elective politics."[98]

Carney was approached by the Liberal Party to run for leader in their2013 leadership election. He ultimately declined to do so.[99]

Carney meets with British Prime Minister Boris Johnson on January 16, 2020, to discuss COP26.

As he prepared to step down as governor of the Bank of England, Carney was appointed as United Nations special envoy for climate action and finance in March 2020.[100] In January 2020, UK Prime MinisterBoris Johnson appointed Carney to the position of finance advisor for the UK presidency of theCOP26United Nations Climate Change conference in Glasgow.[101] At that time the conference was scheduled for November 2020, but it was later postponed to November 2021.[102]

In 2021, Carney spoke at the Liberal Party policy convention, declaring his support of the party but stopping short of pledging to run under its banner.[103] Later that year, he ruled himself out as a candidate in the then-speculated2021 Canadian federal election, owing to his COP26 commitments.[104]

Carney endorsedCatherine McKenney's candidacy formayor of Ottawa in the2022 mayoral election.[105]

In October 2023, he endorsed the UKLabour Party'sShadow ChancellorRachel Reeves to be the nextchancellor of the exchequer in a video following Reeves' speech at theLabour Party conference that year.[106] Following Labour's victory in the2024 election, Carney was part of a taskforce which saw the creation of a BritishNational Wealth Fund.[107]

On September 9, 2024, Carney was named byJustin Trudeau to chair the Liberal Party of Canada's leader's Task Force on Economic Growth.[108] His name was briefly mentioned upon theresignation of Chrystia Freeland as a possible candidate forfinance minister inTrudeau's ministry.[109][110][111]

Leader of the Liberal Party

2025 leadership election

Main article:2025 Liberal Party of Canada leadership election

On January 16, 2025, Carney officially announced that he was running in the2025 Liberal Party of Canada leadership election.[112] Carney also announced that he stepped down from all executive, board and advisory positions that he was part of to focus on his leadership campaign.[113][114] By February 9, his campaign had raised more than $1.9 million in donations from over 11,000 people and received endorsements from 66 Liberal caucus members.[115] On March 9, Carney won on the first ballot with over 85.9% of the vote, making him the leader of the Liberal Party.[116][117] His margin of victory surpassedJustin Trudeau's 2013 margin, winning all 343 electoral districts.[116]

Prime Minister of Canada (2025–present)

Main articles:Premiership of Mark Carney and30th Canadian Ministry

44th Parliament

Further information:44th Canadian Parliament

On March 14, 2025, five days after winning the leadership election, Carney was sworn in as the 24thprime minister of Canada, along with the30th Canadian Ministry.[118][119][120] Upon taking the oath of office, he became the first Canadian prime minister born in any of its territories (as opposed to provinces) and the third born west of Ontario (afterJoe Clark andKim Campbell). He is the second prime minister to have earned a PhD, afterWilliam Lyon Mackenzie King. Additionally, he is the first to have never served in prior elected office, and the first sinceJohn Turner not to be sitting in theHouse of Commons at time of appointment.[112][121]

Mark Carney sits and talks with Prime Minister of the United Kingdom Keir Starmer flanked by Canadian and UK flags for each respective country's leader. Both are dressed in a dark suit, white shirt, and tie
Carney meets with British Prime Minister Keir Starmer on March 17, 2025.

In his first act as prime minister, Carney signed a prime ministerial directive to end theconsumer carbon tax by April 1, while ensuring that April's carbon rebate continues.[122] The directive was affirmed by anorder in council signed by Governor GeneralMary Simon. Carney's first foreign visits were to France and the United Kingdom on March 17 to strengthen mutual security andsovereignty. During the latter visit Carney met with KingCharles III for the first time as prime minister.[123]

2025 federal election

Main article:2025 Canadian federal election

Carney was widely expected to call afederal parliamentary election for late April or early May 2025, ahead of the required election date in October. On March 22, the Liberal Party announced that Carney would contest the south Ottawa riding ofNepean in the election;[124] ridings inAlberta had been floated given his personal connection to the province, particularlyEdmonton, as were safe Liberal seats inToronto andOttawa.[125] On March 23, Carney visited Governor GeneralMary Simon and asked to dissolve parliament and callan election for April 28.[126] Carney and the Liberal Party subsequently won the election, winning 169 seats and falling 3 seats short of a majority.[127][128] Carney also won the Nepean riding, making him the first prime minister sinceWilfrid Laurier in 1908–1910 to represent a riding in the Ottawa area and the first sinceLester B. Pearson to represent a riding inOntario.[129][130]

45th Parliament

Further information:45th Canadian Parliament
Carney and KingCharles III in the Senate chamber during the2025 Speech from the Throne

To open the 45th Canadian Parliament, Prime Minister Mark Carney invited Charles III to deliver theSpeech from the Throne, an act described as a symbolic affirmation of Canada's sovereignty.[131] Among the items outlined in the speech was the government's intention to joinReArm Europe, a European-led defence initiative.[132] In June 2025, Canada hosted the51st G7 summit inKananaskis, Alberta. In his capacity as chair, Carney opened the summit and invited other world leaders, including India'sNarendra Modi and Ukraine'sVolodymyr Zelenskyy.[133][134][135] Carney's government passed the first major legislation of his tenure, Bill C-5, theOne Canadian Economy Act, the same month, with Conservative support. The bill removes federal barriers to internal trade and expedites nation-building projects with cabinet approval; it received opposition from some Indigenous advocacy groups.[136][137][138][139] In July 2025, Carney announced that at the next meeting of theUN General Assembly, Canada would officially recognize a Palestinian state.[140][141] His government presented the2025 federal budget in November, promising to reduce the civil service by about 40,000 positions, cut temporary immigration[clarification needed] to 673,650 in 2025 to 385,000 in 2026, balance operational spending by 2029, and reach the 2% ofGDPNATO target for military spending by 2026.[142]

Views

Carney has been described as moderate, centrist, andtechnocratic;[143][144][145] he is ideologically characterized as a member of theBlue Grits faction of theLiberal Party of Canada, beingeconomically liberal (also known asfiscally conservative) andsocially liberal.[146]

During the 2023 Global Progress Action Summit, Carney advocated for progressives to build "health care, infrastructure, schools, opportunity, sustainability and prosperity".[147] Carney was noted for using "masters of our own house"—in French,maîtres chez nous—a phrase associated with theQuiet Revolution.[148]

Economics

Wealth inequality

In 2011, Carney referred to theOccupy Wall Street protests as "entirely constructive", citing frustrations being felt "particularly in the United States" over inequality and increasingCEO–worker pay gaps.[149] In December 2016, Carney warned of the societal risk of "staggering wealthinequalities" in a Roscoe Lecture atLiverpool John Moores University: "The proportion of the wealth held by the richest 1% of Americans increased from 25% in 1990 to 40% in 2012 ... Globally, the share of wealth held by the richest 1% in the world rose from one-third in 2000 to one-half in 2010."[150]

Monetary policy

On August 23, 2019, Carney delivered a speech at theFederal Reserve Bank of Kansas City's 2019 annualJackson Hole Economic Symposium entitled "The Growing Challenges for Monetary Policy in the current International Monetary and Financial System". Carney said that the "widespread use of the US dollar"—the dominant currency pricing—"in trade invoicing, in place of the currency of either the producer or the importer",[151] has had a "destablilizing" effect on the global economy.[152] About 50 per cent of international trade relies on the US dollar as the "currency of choice". This represents "five times greater than the US's share in world goods imports, and three times its share in world exports".[153] Dominant currency pricing is not problematic when there is "synchronized growth" globally, Carney said. When "the tide is rising in America while receding elsewhere", the system needs to be revamped. Carney cited an article[151] byMarkus Brunnermeier,Harold James, andJean-Pierre Landau on the potential role of digital currency area (DCA) in redefining the international monetary system.[153]

Carney meets with American President Donald Trump on May 6, 2025.

Speaking just hours after US PresidentDonald Trump posted a tweet blamingFederal Reserve chairmanJerome Powell's policies for creating fears of an economic recession and threatening China with more retaliatory tariffs, Carney urged central banks to collaborate in replacing the US dollar asreserve currency. He cautioned against choosing another new hegemonic reserve currency like therenminbi and suggested instead, a "new Synthetic Hegemonic Currency" (SHC), such asLibra,[152][153][154] which could potentially be provided "through a network of central bank digital currencies", that would decrease the US dollar's "domineering influence" on trade worldwide.[153][154]

Moral to market sentiments

On December 2, 2020, Carney delivered the first of fourReith Lectures—the BBC's flagship annual series.[155] In "How We Get What We Value – From Moral to Market Sentiments", he said society had come to esteem financial value over human value and moved from market economies to market societies. The series covers a trio of crises: credit, Covid, and climate.[155]

Fiscal policy

After becoming prime minister, Carney reversed the Trudeau government's capital gains tax increase[156] and promised to implement a middle class tax cut and a new approach to federal budgeting that would save tax-payers money if appointed as prime minister.[157]

Petroleum industry

In June 2025, after becoming prime minister, Carney voiced support for a newoil pipeline to the West Coast and a proposed $16.5 billion carbon capture system for theAthabasca oil sands.[158][159] The bill speeds up approval of projects deemed of national interest, potentially including mines and oil pipelines, and eliminates some trade barriers between provinces.[160]

Foreign policy

Brexit

Carney withEuropean Commission PresidentUrsula von der Leyen on May 17, 2025
Carney withJapanese Prime MinisterSanae Takaichi on November 1, 2025

Carney warned many times thatBrexit was expected to negatively influence the UK economy. Consequently, Brexit activists accused him of making statements favouring the UK's continued membership of the European Union (EU) before theBritish EU-membership referendum.[161][162] He replied that he felt it was his duty to speak up on such issues.[163]

In November 2018, Carney warned that large parts of the British economy were not ready for ano-deal Brexit. Speaking on BBC Radio 4'sToday program, Carney explained that fewer than half of businesses had initiated contingency plans.[164]

In February 2019, speaking about the global economy, Carney provided a less negative perspective on Brexit, stating that globalization has resulted in "imbalances of democracy and sovereignty", and that Brexit "is the first test of a new global order and could prove the acid test of whether a way can be found to broaden the benefits of openness while enhancing democratic accountability".[165]

Carney also said that the increase in the perception that a no-deal Brexit is likely is "evidenced by betting odds and financial market asset pricing", resulting in the UK now having "the highest FX (foreign exchange) implied volatility, the highest equity risk premium and lowest real yields of any advanced economy."[153]

NATO

In February 2025, Carney promised to spend 2% of Canada's GDP on defence (theNATO target) by the end of 2030.[157] In June 2025, Carney promised reach the 2% target by March 2026 and NATO's new 5% of GDP target by 2035.[166][167][168]

Iran–Israel conflict

Following theIsraeli attacks on Iran in June 2025, Carney reaffirmed "Israel's right to defend itself" and called for restraint.[169]

Gaza war

In April 2025, Carney disagreed with the accusation that Israel was committinggenocide in Gaza, but supported an arms embargo on Israel.[170][171] In June 2025, he compared theIsraeli invasion of the Gaza Strip andoccupation of the West Bank to theRussian invasion of Ukraine.[172] In September 2025, he announced Canada'sformal recognition of theState of Palestine, becoming the firstG7 nation to do so.[173]

India

See also:Canada–India diplomatic row
Carney with Indian Prime MinisterNarendra Modi on June 17, 2025

Under Prime Minister Mark Carney,Canada–India relations have entered a period of diplomatic reset following tensions duringJustin Trudeau’s tenure. Carney, who described it as a "great honor" to host Indian Prime Minister Narendra Modi at the 2025 G7 summit, has adopted a pragmatic foreign policy focused on economic cooperation and reducing Canada’s reliance on the United States. The summit marked a turning point, with both leaders emphasizing shared priorities such as clean energy, artificial intelligence, and counterterrorism. Modi called for "win-win cooperation," and India’s Ministry of External Affairs announced plans to resume high-level dialogues and revive stalled free trade negotiations. These developments signal a renewed commitment to strengthening bilateral ties across a broad range of sectors.[174][175]

On June 23, 2025, Carney issued a statement marking the 40th anniversary of theAir India Flight 182 bombing carried out by Canada-based terrorist groupBabbar Khalsa a week after theAir India Flight 171 crash occurred inAhmedabad, describing it as the "deadliest attack in our country’s history." Referring to the 1985 tragedy, in which 329 people—most of them Canadians of Indian descent[176]—were killed in a terrorist bombing carried out by Canada-based extremists, Carney emphasized that "this terrorist attack remains the deadliest attack in our country’s history – one we must never forget." Observing the National Day of Remembrance for Victims of Terrorism, he reaffirmed that Canada’s new government "unequivocally" stands against terrorism and paid tribute to the victims of the Kanishka bombing.[177][178]

China

On June 9, 2025, in his speech on defence spending, Carney warned of new threats to Canada's security and sovereignty, including those coming from an "assertive China."[172]

Trade

See also:2025 United States trade war with Canada and Mexico andCanada–China trade war

During the 2025 Liberal Party Leadership Race, and in light of aggressiveactions taken by the United States under thesecond Trump administration, Carney said that he supported deepening relationships with fellowCommonwealth member states the United Kingdom, Australia, and New Zealand.[179][180]

In July 2025, Carney announced that Canada would impose highertariffs onsteel from China.[181][182]

Environmentalism

Carney discussing a Net Zero economy

Carney has often advocated for environmental sustainability.[112] He was appointed as aUnited Nations Special Envoy on Climate Change in 2019.[183][184][185] In March 2021, Carney stated that in Canada there is a "huge economic opportunity" in the transition to a sustainable economy with reduced carbon emissions. He says that it is time to listen to scientists that have long been warning about the risks posed by climate change.[183] Carney had initially supported the consumer carbon tax as implemented in 2019, but stated in a May 2024Senate committee hearing that the tax had "served a purpose up until now."[186][187] In 2020, he called thegreen transition "the greatest commercial opportunity of our time".[188]

In a January 2025 interview withJon Stewart, Carney attributed much of Canada'semissions to theoil industry, which he argued must become cleaner rather than ordinary Canadians changing their lifestyles.[189] During his Liberal leadership campaign, Carney proposed replacing the existing consumer carbon tax with an incentive program to reward green choices, while keeping tax on large industrial emitters.[190] He also promised to introduce a "carbon border-adjustment" to penalize high-polluting foreign imports.[190] Carney supported Trudeau government'sEV mandate,[191] requiring hybrids andelectric vehicles to make up 20% of sales by 2026 and 100% by 2035.[192]

Immigration

In 2025, Carney campaigned to address "unsustainable"immigration to Canada,[193] which had risen to approximately 500,000 a year during Justin Trudeau's premiership.[194][195] The Liberal Party pledged to reduce the number of permanent residents admitted to Canada to less than 1% of the Canadian population per year, or less than 410,000 by 2025.[196] As per the Immigration Levels Plan 2025–2027, Canada's permanent resident admission targets are 395,000 in 2025, 380,000 in 2026, and 365,000 in 2027.[196] The government set levels for temporary migrants in the 2025–2027 Levels Plan at 673,650 in 2025, 516,600 in 2026, and 543,600 in 2027.[193][197][198]

In March 2025, Carney promised to reduce the number of temporary migrants and international students to less than 5% of the Canadian population by the end of 2027, saying" "It's a sharp drop from the recent high of 7.3 per cent. This will help ease strains on housing, on public infrastructure and social services."[193]

Housing

In a March 2024 op-ed inThe Globe and Mail, Carney advocated for a low-carbon housing policy favouringdensification oversprawl. He argued that it should be easier for a homebuilder to densify by eliminating unit maxima, abolishingparking minima and allowing taller buildings and more density near transit lines.[199]

Publications

The title of Carney'sDPhil thesis isThe Dynamic Advantage of Competition.[200]

Carney's first book,Value(s): Building a Better World for All, was published by Signal Books in 2021.[201]

Carney's next book,The Hinge: Time to Build an Even Better Canada, is now expected to be released on January 6, 2026, after initially being slated for a May 13 release, and an initial delay to July 1, 2025.

Personal life

Mark Carney stands in front of a vertical banner for the 2018 G20 Summit with his wife, Diana Carney. He wears a dark blazer, pants, and a grey shirt, while she wears a dark jacket, shirt, and pants.
Carney and his wifeDiana Fox Carney at the2018 G20 Buenos Aires summit

Carney met British economistDiana Fox, who is also active in various environmental andsocial justice causes,[202] while studying at theUniversity of Oxford.[1][9] They were married in July 1994 while he was finishing his doctoral thesis.[203] They have four children; the couple lived inToronto before moving to theRockcliffe Park neighbourhood of Ottawa and then moving to London in 2013.[5] They moved back to Ottawa when Carney left his role at the Bank of England in 2020.[204]

Carney's younger brother Brian lives inNorthern Ireland. His brother-in-law isthe 3rd Baron Rotherwick, to whom his wife's sister is married. He is also godfather to the son of fellow politicianChrystia Freeland, who ran against him in the2025 Liberal Party leadership election.[205]

Carney is a Catholic,[206] and was named the most influential Catholic in Britain byThe Tablet in 2015.[207][208] He speaks French[209][210][211] but has described his proficiency as "far from perfect".[212] He was atriple citizen of Canada, Ireland and the United Kingdom, having obtained Irish citizenship in the late 1980s,[213] and British citizenship in 2018 – the latter while governor of the Bank of England, fulfilling a commitment he made when accepting the role.[214][215] Shortly before becoming Canadian Prime Minister in March 2025, he said that he had started the process of formally renouncing his British and Irish citizenship to signify his commitment to Canada.[216] In April 2025, his campaign stated that he had renounced the other citizenships prior to being sworn in as prime minister.[217]

Carney has distant relatives inLiverpool and is a supporter of the city's football teamEverton FC, though his wife supportsArsenal FC.[218] He is also a supporter of theEdmonton Oilers and theEdmonton Elks.[219] He completed the 2015London Marathon in 3 hours, 31 minutes, and 22 seconds, marking a 17-minute improvement on his time at the 2011Ottawa Marathon.[220][221]

Honours and distinctions

Electoral history

Main article:Electoral history of Mark Carney

See also

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