Newman: Is Mark Carney’s move to the Bank of England a loss or a gain for Canada?

By: /
30 November, 2012
By: Don Newman
Chairman of Canada 2020, Senior Columnist with

It is unusual that to lose a person with the talents of Mark Carney to another country is a good thing. But in this case it is.

His appointment as Governor of the Bank of England has already attracted widespread attention; both for his indisputable world class talents but also for his curiosity value. He is the first non-British person to head the bank! What’s more he is a CANADIAN!

Who would have thought it? A Canadian is so good that over three hundred years of tradition has been overturned and that person now heads one of the three top central banks in the world. The logic should follow that there are other good Canadians out there as well.

The novelty of Carney’s appointment will keep focused the fact of his nationality. And the Bank of England could be just the beginning. Carney’s appointment is for five years, not the usual seven. He could be available the next time the top job at the International Monetary Fund comes open.

In the multi-polar world that is emerging, a small but wealthy and well educated country like Canada can have maximum influence by having as many top quality Canadians sitting at the tables where the big decisions are made. Mark Carney is the prototype of that person. That’s why his leaving our Country is a gain for Canada.

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