Mark Carney joins race to succeed Trudeau as Canada’s prime minister

Carney, who was Governor of Bank of Canada and Bank of England, made the formal announcement of his entry into the leadership race in Edmonton

Toronto: Former central banker Mark Carney has become the first major contender to join the race to succeed Canadian Prime Minister Justin Trudeau.

Former Bank of Canada and Bank of England governor Mark Carney speaks as he announces that he is running to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party, in Edmonton, Alberta, Canada, on Thursday. (REUTERS)

Carney, who was Governor of Bank of Canada and Bank of England, made the formal announcement of his entry into the leadership race in Edmonton.

He also posted a brief message on X, stating, “I’m in.”

“I’m doing this because Canada is the best country in the world, but it still could be even better,” the 59-year-old said.

Carney was long wooed by Trudeau to join his government and served as an economic adviser. The latest attempt, in December, had the effect of precipitating the shock resignation of then Deputy Prime Minister and Finance Minister Chrystia Freeland.

However, as he played up his “outsider” status, he criticised the Trudeau government, “The Prime Minister and his team let their attention wander from the economy too often.”

“The system is not working as it should, and it’s not working as it could,” he said.

Given the threat of tariffs from the incoming Administration of US President-elect Donald Trump, Carney cited his credentials in dealing with the 2008 global financial crisis and Brexit. “I am going to be completely focused on getting our economy back on track,” he said.

Carney was appointed to lead Bank of Canada in 2008 and at the end of that tenure, he moved to London as Governor of Bank of England, and remained in that post till 2013.

He was chair of Brookfield Asset Management and on the board of directors of Bloomberg. However, he said, “I resigned all my positions — full stop. I’m all in for Canada.”

He chose Edmonton for the announcement as it was the city he grew up in.

The bio on his still basic campaign website also stated that in 2019 “he began serving as the UN Special Envoy for Climate Action and Finance — helping rally the world to build stronger economies as we fight climate change.”

Freeland, who is expected to be Carney’s principal rival of Liberal Party leadership, could make her intent to run clear on Friday before launching a campaign on Sunday, Canadian media reported.

The Liberal leadership race was caused by Trudeau’s announcement of his intent to resign earlier this month. The process will be complete by March 9, given the new leader just about two weeks to prepare to face Parliament, which sits on March 24, after being prorogued.

With the ruling party trailing the opposition Conservatives by at least 20 points in all recent surveys, it was hardly surprising Carney also attacked its leader. “”I’m not the usual suspect when it comes to politics but this is no time for politics as usual. It’s not the time for lifelong politicians such as Pierre Poilievre.”