Mark Carney at WEF in Davos

Mark Carney named next governor of the Bank of England
Pictured: Mark Carney at WEF in Davos, January 2010 [photo – World Economic Forum]

The next governor of the Bank of England has been named this afternoon as Mark Carney, who is currently governor of the Bank of Canada.

Carney will replace the current governor, Sir Mervyn King, when the latter steps down in June 2013.

Chancellor of the Exchequer George Osborne said that Carney will serve in the role for five years. He described Carney as the “outstanding candidate” for the job.

Carney will continue to serve in his current position until 1 June and will take over at the Bank of England on 1 July. He will remain chair of the G20 body, the Financial Stability Board.

“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,” said Carney.

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.”

Before entering public service, Carney spent 13 years with Goldman Sachs in its London, Tokyo, New York and Toronto offices. He was appointed deputy governor of the Bank of Canada in August 2003. In November 2004, he left the bank to become senior associate Deputy Minister of Finance, a position he held until he became governor of the Bank of Canada in February 2008.

“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.”