Mark Carney has run for the next prime minister of Canada


Mark Carney, one of the world’s most prominent central bankers and green investment evangelist, announced Thursday that he is running to become leader of Canada’s Liberal Party and the country’s next prime minister. If he wins, he would take the party to national elections this year.

“I am here to ask for your support,” said Mr. Carney, 59, announcing his candidacy in Edmonton, Alberta. “I’m here to earn your trust.”

Mr. Carney also said the country was facing big challenges that he was ready to take on. “My generation of Canadians is lucky,” he said. “We had a good time. Time for progress. The system our parents built worked well for us. But those good old days, my friends, are gone. Our times are anything but ordinary.”

Canadian politics has been in turmoil since Prime Minister Justin Trudeau announced his intention to step down this month, leaving the job after nearly a decade in power amid a steady decline in his once-stellar global profile.

Mr. Trudeau leaves any successor a treacherous legacy: the party is in shambles, with the opposition Conservatives leading the Liberals by more than 25 percentage points in recent polls as voters grow increasingly disillusioned with the direction the country is headed.

Mr. Carney, who served as an informal economic adviser to Mr. Trudeau during the pandemic, trying to portray himself as an outsider and distance himself from Mr. Trudeau’s recent political problems. Trudeau, including skyrocketing housing costs, an overburdened health care system and high prices for everyday goods.

Mr. Carney is likely to tout his knowledge of economics as a heavyweight on the global stage — he has headed central banks in Canada and England — at a time when President-elect Donald J. Trump has threatened to impose 25 percent tariffs on all Canadian goods exported to the United States.

Such a sweeping move would devastate Canada’s economy, though it would also hurt the United States. (Mr. Trump has also threatened tariffs on Mexico).

But it remains to be seen if Mr. Carney to convince voters that he did not play a role in the management of the country by Mr. Trudeau. Even before he officially announced his candidacy, conservatives were quick to point to Mr. Carney with Mr. Trudeau.

Pierre Poilievre, leader of the Conservative Party, called him “the ultimate liberal insider” and “Just like Justin”, sharing photo to X of Mr. Carney and Mr. Trudeau sitting close together and smiling, adding the comment: “The bond between these two men is almost touching.”

The candidates to lead the Liberal Party will campaign to win over party members ahead of the March vote. After the new leader takes office, Mr. Trudeau will officially step down and the new party leader will also become prime minister. A general election is then expected to take place, probably in the spring.

Mr. Carney, who has never run for elected office, will have to overcome the perception among Canadians that he is a stiff bureaucrat and an untouchable member of the global elite. He was born in the Northwest Territories but grew up in Edmonton.

This week he tried to change his image by going shy but funny interview with Jon Stewart on “The Daily Show,” joking with the late-night host for about 20 minutes.

At the center of their conversation was a joke about the relationship between Canada and the United States—Mr. Trump has said he wants to essentially annex Canada and make it another country, which has angered many Canadians.

“We will not move in with you,” said Mr. Carney. “We can be friends,” he added. “Friends with benefits.”

Mr Stewart later replied: “I feel like you’re interrupting the whole interview with me.”

Mr. Carney, who appeared more relaxed as the interview went on, continued: “We’re resetting the relationship and we’re going to be stronger.”

He also used Mr. Stewart’s show as a platform to try to telegraph that he was never officially part of Mr. Trudeau’s embattled government.

“I’m an outsider,” Mr. Carney said.

On Thursday, Mr. Carney made a formal pitch to Liberal voters on how he would lead Canada through what is likely to be a turbulent relationship with the United States and various domestic challenges, including lagging productivity.

Canada, added Mr. Carney, was not prepared for the global transition away from fossil fuels and the growing importance of artificial intelligence.

As for the solution, he said that Mr. Poilievre’s penchant for three-word slogans to promote his ideas is not the answer. But he also offered a thinly veiled critique of Mr. Trudeau, saying that “we cannot reach our full potential with the ideas of the far left.”

Mr. Carney was governor of the Bank of Canada between 2008 and 2013, and then led the Bank of England from 2013 to 2020. At the Bank of England, he was known for giving speeches that sometimes veered into more political topics, particularly the dangers posed by climate change. changes represent for global markets.

Since then, he has held the position of Special Envoy for Climate Action and Finance at the United Nations; as chairman of Bloomberg’s board of directors; and as chairman of Brookfield Asset Management, a global investment firm until recently headquartered in Toronto.

One potential challenger Mr. Carney could face for the Liberal Party leadership is Chrystia Freeland, who last month abruptly resigned as deputy prime minister and criticized Mr. Trudeau’s handling of the country.

Mr. Trudeau’s government asked Mr. Carney to replace Ms. Freeland in her role, but he declined.

Ms. Freeland shares close ties and a similar education to Mr. Carney: both graduated from Harvard University and the University of Oxford. They are also friends — Mr. Carney is godfather to one of Ms. Freeland’s children.

Of the two, Mr. Carney is far less familiar to Canadians. In a recent opinion poll24 per cent of Canadians recognized Mr Carney in the photo while 51 per cent recognized Ms Freeland.

Efforts by the Liberal Party to remove its leader will be closely watched. It recently updated its voting rights to include only Canadian citizens and permanent residents who are at least 14 years old. Registration was previously open to anyone living in Canada, regardless of citizenship status, raising concerns that the vote could be susceptible to foreign interference.

A security task force made up of members of Canada’s federal police, the ministry of global affairs and spy agencies will oversee the leadership race to ensure its legitimacy, Mr. Trudeau’s office said.

Candidates must raise C$350,000, or about $245,000, to enter the race.



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