The well-known economist is expected to join the race to replace Justin Trudeau
Mark Carney, former governor of the Bank of Canada and the Bank of England, hinted at his intention to run for Canada’s prime minister during an interview on The Daily Show with Jon Stewart on Monday.
The 59-year-old economist and financier’s comments come in the wake of Prime Minister Justin Trudeau’s announcement on January 6 that he will step down as leader of the Liberal Party in March, citing declining support within his party and across the nation. Trudeau will remain in office until a new leader is chosen on March 9.
In his interview, Carney billed himself as an “outsider” in federal politics, but pointed to his extensive economic experience and crisis management as qualities that could guide Canada through its current economic challenges.
“Let’s say the candidate wasn’t part of the government. Let’s say the candidate did have a lot of economic experience,” Carney said. “Let’s say the candidate did deal with crisis. Let’s say the candidate had a plan to deal with the challenges.”
Political turmoil and economic uncertainty
Carney’s potential leadership bid coincides with significant political and economic challenges for Canada. Trudeau’s resignation followed the abrupt departure of former finance minister Chrystia Freeland, who is widely seen as Carney’s main rival for Liberal leadership. Both are expected to officially declare their candidacy soon, the Associated Press noted.
The next Liberal leader will face steep odds. Recent polls, including one by Nanos Research, show the opposition Conservative Party leading the Liberals by a wide margin, 45% to 23%. Furthermore, the Liberals’ minority government is likely to face a no-confidence vote after Parliament resumes on March 24, potentially triggering a general election.
Carney addressed economic issues during the interview, emphasizing the need for change. He said Canadians have been hard-pressed in the last few years because wages have not kept up with inflation, and housing has become very expensive. “Truth be told, the government was not as focused on those issues as it could be,” he said. “We need to focus on them immediately.”
Carney also criticized Conservative leader Pierre Poilievre, describing him as “a lifelong politician” who “worships the market” but lacks private sector experience.
From central banker to political contender
Carney’s credentials include a storied career in both the financial industry and government. After spending 13 years at Goldman Sachs, he became deputy governor of the Bank of Canada in 2003. He was later credited with steering Canada through the 2008 financial crisis as governor of the central bank. In 2013, Carney made history as the first non-British governor of the Bank of England, where he played a pivotal role in managing the economic fallout from Brexit.
His remarks on The Daily Show also included a moment of levity regarding Canada’s relationship with the United States. When Stewart mentioned US President-elect Donald Trump’s comments about Canada being the “51st state,” Carney rejected the notion but joked that the two nations could be “friends with benefits,” eliciting laughter from the audience.
Carney’s entry would introduce a heavyweight contender with a unique blend of financial expertise and crisis management experience. However, with public opinion heavily favouring the Conservatives, the next leader of the Liberal Party may face an uphill battle to maintain power.
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