Mr. Carney was appointed Governor of the Bank of Canada, effective 1 February 2008, for a term of seven years.
After five and half years of service as Governor, Mr. Carney departed the Bank of Canada on 1 June 2013 to become the Governor of the Bank of England. He was appointed to this position on 26 November 2012, with an effective date of 1 July 2013.
Born in Fort Smith, Northwest Territories, Mr. Carney received a bachelor’s degree in economics from Harvard University in 1988. He received a master’s degree in economics in 1993 and a doctorate in economics in 1995, both from Oxford University. Mr. Carney was also awarded an Honorary Doctor of Laws from the University of Manitoba in April 2013.
Prior to joining the public service, Mr. Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices. Mr. Carney 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 his appointment as Governor of the Bank.
While serving as Governor of the Bank of Canada, Mr. Carney was also appointed as Chairman of the Financial Stability Board (FSB) in November 2011 for a three year term.
Current turbulence in Europe is a reminder that the crisis is not over, but has merely entered a new phase. In a world awash with debt, repairing the balance sheets of banks, households and countries will take years.
There is an old saying, “Knowledge is gained from experience, and experience is gained from mistakes.” In Canada, we made our mistakes early and often in the 1970s and 1980s. Our fiscal situation deteriorated sharply, inflation surged to double-digit levels, and a few small regional banks collapsed.
We are pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance. Before I take your questions, I would like to give you some of the highlights from our latest Monetary Policy Report, which was released last week.
We are pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance. Before I take your questions, I would like to give you some of the highlights from our latest Monetary Policy Report, which was released last week.
The global economic recovery is entering a new phase. In advanced economies, temporary factors supporting growth in 2010, such as the inventory cycle and pent-up demand, have largely run their course and fiscal stimulus will shift to fiscal consolidation over the projection horizon.
Insights from financial markets are somewhat fleeting at the moment. A broad range of asset prices from the Canadian dollar to S&P500 futures to European sovereign spreads are unusually correlated and volatile.
Keynes wrote prophetically of the economic consequences of the Treaty of Versailles. Could the same be said of current financial reforms? Are policy-makers taking for granted the essential role performed by finance in a vain pursuit of its risk-proofing?
We are three years into the global financial crisis, and its dynamics still dominate the economic outlook. In particular, broad forces of bank, household, and sovereign deleveraging can be expected to add to the variability and temper the pace of global economic growth in the years ahead.
The global economic recovery is proceeding but is not yet self-sustaining. A greater emphasis on balance sheet repair by households, banks, and governments in a number of advanced economies is expected to temper the pace of global growth relative to the Bank’s outlook in April.
From the end of 2008 to the middle of last year, Canada experienced a short, sharp recession. With the exception of government spending, all major components of aggregate demand declined, and industrial production dropped 15 per cent.
From the end of 2008 to the middle of last year, Canada experienced a short, sharp recession. With the exception of government spending, all major components of aggregate demand declined, and industrial production dropped 15 per cent. Canadian exporters suffered particularly, owing to the sharp fall in the components of U.S. economic activity that matter most for Canada.
Given this failure, the G-20’s agenda to reshape the global financial system is comprehensive and radical. The coming weeks and months will be pivotal to its success. The time for debate and discussion is drawing to a close. Policymakers now need to decide and to implement.
Good morning, Mr. Chairman and committee members. I am pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance.
Good afternoon, Mr. Chairman and committee members. I am pleased to appear before this committee today to discuss the Bank of Canada’s views on the economy and our monetary policy stance.
Good Morning. I am pleased to be here with you today to discuss the April Monetary Policy Report, which the Bank published this morning.
It is either brave or foolhardy of the Ottawa Economics Association to organize another conference around Canada's perennial challenges of demographics, productivity, and potential growth.
I would like to thank students from universities across Canada for joining me on this special day, the 75th anniversary of the Bank of Canada
It is a pleasure to be here in Winnipeg. Today, I intend to elaborate on elements of the Bank of Canada's economic outlook.
Paul and I are pleased to be here with you today to discuss the January Monetary Policy Report, which we published this morning.
As the holiday season approaches, our attention turns naturally to the home front. Accordingly, my comments this afternoon will focus on households. I would like to concentrate in particular on the implications of Canadian household finances for financial stability in our country.
In response to the worst financial crisis since the 1930s, policy-makers around the globe are providing unprecedented stimulus to support economic recovery and are pursuing a radical set of reforms to build a more resilient financial system.
While conditions in the Canadian economy have improved since we met with you in May, many of the basic challenges remain. Before Paul and I take your questions, allow me to outline some of the highlights from our latest Monetary Policy Report, which the Bank released last week.
While conditions in the Canadian economy have improved since we met with you in February and April, many of the basic challenges remain. Before Paul and I take your questions, I would like to give you some of the highlights from our latest Monetary Policy Report, released last week.
After briefly reviewing the current macrofinancial environment, I intend to concentrate on the G-20 reform agenda. The financial crisis has cost tens of millions of jobs and trillions of dollars in foregone output.
Recent indicators point to the start of a global recovery. Economic and financial developments have been somewhat more favourable than we expected in July, although significant fragilities remain.
