Mark Carney to run for leadership of Liberal Party of Canada.
Reuters Former Bank of Canada and Bank of England governor Mark Carney stands at a podium with a crowd and a Canadian flag in the background. He looks to his right and smiles. Reuters
After months of speculation about his political ambitions, former Bank of Canada and Bank of England governor Mark Carney has announced his candidacy to lead the Liberal Party of Canada.
Mr. Carney officially launched his candidacy in his hometown of Edmonton, Alta., on Thursday, at a hockey rink where he learned to skate as a child.
"I'm doing this because Canada is the best country in the world, but it can be even better," Carney said, standing in front of a giant Canadian flag in the background. If he wins the election, Mr. Carney, 59, will succeed Prime Minister Justin Trudeau and lead the country into the next general election, which is due later this year.
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Earlier this month, Mr. Trudeau announced his intention to step down after nine years in office once a new Liberal leader is elected.
In Thursday's announcement, Mr. Carney sought to connect with his Canadian roots and distance himself from Trudeau and his opponents across the political spectrum.
Although he recently served as Trudeau's economic adviser, Mr. Carney is the only candidate in the Liberal leadership race who is not an elected member of Trudeau's government.
Who could replace Trudeau as leader of the Liberal Party? The man who could become Canada's next prime minister
He has presented himself as an outsider who brings a wealth of financial knowledge to a country struggling with a sluggish economy.
Under Liberal Party rules, any member of the party — including those who are not elected — can run for the party leadership. However, they are expected to seek a seat in parliament in the next election, which Mr. Carney has said he intends to do.
In his address to Canadians, Mr. Carney highlighted the challenges facing the country, such as the housing affordability crisis, stagnant wages and the threat of climate change.
"A lot of people are being left behind," he said.
He also faced the threat of tariffs from U.S. President-elect Donald Trump, who takes office on Monday, saying Canada is going through extraordinary times.
Trump has suggested possible tariffs of 25% on Canadian goods.
"I've helped manage multiple crises and helped save two economies," Carney said. "I know how business works and I know how to make it work for you."
Mr. Carney, who was educated at Harvard and Oxford, brings extensive economic experience to the race.
He previously worked at investment bank Goldman Sachs and was Canada's central banker from 2008 — when the country became the first G7 nation to raise interest rates after the financial crisis — until 2013. He then moved to London, where he served as governor of the Bank of England until 2020.
During his time in office, he led efforts to support the British economy during Brexit, although he was criticized for being too political in some of his early speeches.
Mr. Carney is also known as an advocate for environmental sustainability. In 2019, he became the UN Special Envoy on Climate Change and in 2021 he created the Glasgow Financial Alliance for Net Zero, a group of banks and financial institutions working to combat climate change.
In recent months, Mr. Carney has advised Trudeau on economic matters. On Thursday, he criticized the incumbent prime minister for his handling of the issue.
"I know I'm not the only Liberal in Canada who thinks the prime minister and his team too often let their attention drift away from the economy," Carney said.
Carney's opponents in the Liberal leadership race include a number of sitting MPs.
Former Finance Minister Chrystia Freeland is also expected to announce her candidacy in the coming days.
Freeland resigned from his post in December amid an impasse over Trudeau's handling of Canada's fiscal affairs.
The winner of the Liberal leadership contest will face the opposition Conservatives, who have a strong lead in the polls. Its leader, Pierre Poilievre, favored limited government and a return to "common sense" politics.
Mr. Carney called Poilievre's ideas for Canada "naive" and "dangerous."
The Conservatives sought to link Mr. Carney to Mr. Trudeau's unpopular government, saying he was "just like Justin."
They also note that he has been an advocate of carbon pricing, which is Trudeau's signature climate policy and has received a mixed reaction in Canada. Mr Carney has defended the carbon price but appears to have recently stepped away from politics, telling a Senate committee in May that it had "served a purpose so far".
On Thursday, he said the carbon tax should be replaced by a policy "that is at least, if not more, effective" for the climate without hurting Canadians' finances.
The Liberals are expected to elect their next leader on March 9.
The next Canadian general election should be held no later than October of this year and could happen as early as this spring.
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