Her Majesty the Queen has approved the appointment of Mark Carney, current Governor of the Bank of Canada, as Governor of the Bank of England starting July 1st, 2013 to serve a five-year term.
“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. 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,” said Carney.
Governor Carney will continue to serve as head of the Bank of Canada until June 2013 and ensure a smooth transition for his successor. Carney will remain Chair of the Financial Stability Board.
“It has been a privilege to serve as the eighth Governor of the Bank of Canada. 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. It is introducing the most sophisticated currency in the world. And as the Government of Canada’s fiscal agent, it is providing funds management and banking services with the highest reliability and resiliency,” said Carney.
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The Bank of Canada Board of Directors is expected to form a Special Committee shortly to recruit and select the next Governor. The Special Committee’s selection is subject to the approval of the Minister of Finance and the federal Cabinet.
“I would like to thank the Board of Directors of the Bank of Canada, Minister Flaherty and Prime Minister Harper for having given me this opportunity to serve Canada. I have done so to the best of my abilities and am humbled by the support I have received from both my colleagues at the Bank and from Canadians across this great country.”