Bank of England
Canadian Mark Carney to Run Bank of England Mark Carney has been hired to run the Bank of England for five years. This is intriguingly weird for the average person, especially after realizing that Carney is not even a Briton to start with. However, it is interesting to know the reason behind George Osborne’s decision to pick a Canadian rather than a Briton as the next executive of the Central bank of the United Kingdom? Is it based on a whim or is it completely justifiable?
George Osborne did not act on a whim when it selected Mark Carney to lead the Bank of England. He saw beyond nationality and focused on the credentials, knowledge, and skills of the most likely candidates for the position. He laid it down on the table and this is what the Carney’s profile looked:
- Earned his Bachelors degree in Economics at Harvard University
- Earned his masters and doctorate degree at Oxford University
- Served as Senior Executive for Goldman Sachs for 13 years
- Acted as Canada’s G7 deputy in the year 2004 as part of Canada’s National Finance Department
- Served as head of the Bank of Canada beginning February 2008
- Chairman of the Financial Stability Board, a board that ordinates financial regulation for G20 and a position previously held by Mario Draghi, who serves as the head of the European Central Bank.
These impressive credentials make him worthy to lead the Bank of England and help it cope with the financial instability and economic weakness still experienced in Europe today. He may not have British blood running through his veins, but more than ten years of stay in England is more than enough to understand the complexities of its banking laws, economy, and financial institutions.
List of Achievements: The Silent Man in Action
Mark Carney has been referred to as the Quiet Authority, but for many he is better referred to as the Silent Man in Action. See some of his accomplishments and understand why there is no other man fit for the job.
Role as Head of Bank of Canada
Mark Carney supervised Bank of Canada during the height of US and Europe’s economic crisis. Interestingly, the economy of Canada was unscathed amidst the crisis experienced by its neighboring countries. While the US and Europe are struggling with their GDP rating, Canada’s GDP increased by 5%, banks of Europe cried for a bail-out, but none of the banks of Canada have to shout for any rescue.
Role as Head of Financial Stability Board
Just last year, Jamie Dimon who was the boss of JP Morgan, attacked Carney after he supported Basle III, an act that demands the world’s largest banks to carry extra reserves to avoid the need for countries to cry for a bail out. He is adamant in creating a sophisticated mix of rules for the purpose of balancing the needs of both the banks and the economy. These highly complex rules may not be readily accepted by some bank executives, but he is certain this is the only way for real economic growth and development to prosper. With these lists of credentials and achievements, would you choose any other candidate for the position?