Bank of Canada Governor Mark Carney waits to address the Canadian Club, Thursday, November 8, 2012 in Montreal. Carney will become head of the Bank of England next summer. THE CANADIAN PRESS/Ryan Remiorz
November 26, 2012 - 7:55 AM
OTTAWA - Bank of Canada Governor Mark Carney has been chosen to run the Bank of England, beginning next summer.
Finance Minister Jim Flaherty called it a bittersweet moment Monday as he announced Carney's departure. The two men worked closely to deal with the recent recession and turmoil in financial markets.
Carney's handling of the recession and leadership won him respect across the world financial community.
Flaherty says it's the first time a foreigner has been tabbed to run Britain's venerable central bank.
Carney called it an honour.
"I am honoured to accept this important and demanding role and to succeed Sir Mervyn King with whom I have worked closely over these past five years and from whom I learned so much," he said.
"This 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."
Carney was appointed the eighth governor of the Bank of Canada in February 2008.
"I am proud of the bank's contribution to the resilience of the Canadian economy throughout an unprecedented period of global turmoil. The bank is helping to lead the reform of the global financial system."
He will stay on at Canada's central bank until June 1, and move to his new job on July 1.
News from © The Canadian Press, 2012