Mark Carney (60), a traditional economist and former governor of the Bank of Canada and the Bank of England (BoE), has been elected as the next prime minister and leader of the Liberal Party of Canada, succeeding Canadian Prime Minister Justin Trudeau (54). The ruling party, the Liberal Party of Canada, announced on the 9th (local time) that Carney was elected with 85.9% of the vote after more than 150,000 party members voted by secret ballot. In Canada, the leader of the majority party serves as the prime minister.
In his speech that day, Carney said, "Canada and the Liberal Party are united and strong, ready to fight to build a better country." He went on to mention various difficulties posed by U.S. President Donald Trump's tariff threats, stating, "We cannot let him succeed, and we will not let that happen." Carney remarked, "Americans cannot make mistakes, and just like in a hockey game, we will win," adding, "We must unite to overcome the difficult times brought on by a country that can no longer be trusted."
Born in 1965 in the Northwest Territories of Canada, Carney is a traditional economist. He graduated from Harvard University in 1988 with a degree in economics and obtained his master's and doctoral degrees in the same field from Oxford University. He worked for the American global investment bank Goldman Sachs in locations such as New York, London, and Tokyo. In 2003, he left the institutional sector to join the Bank of Canada as a deputy governor and was later appointed as the governor of the Central Bank of Canada in 2007, receiving praise for defending the Canadian economy amid the global financial crisis.
According to BBC, at that time, unlike previous governors who spoke sparingly, Carney publicly stated that he would significantly lower the benchmark interest rate and maintain it at a low level for at least a year, helping corporations to continue investing even amid market stagnation. Recognized for his abilities on the international economic stage, Carney became the first foreign governor of the Bank of England in 2013. As governor, he effectively managed the turbulent situations surrounding Brexit (the United Kingdom's exit from the European Union) and earned the nickname "rock star central banker" from the British media.
Carney describes himself as a "political outsider" with no political experience, emphasizing that he is not a figure aligned with the low-rated Prime Minister Trudeau. He said, "I am not the only Liberal in Canada who believes the prime minister and his team have too often diverted attention from the economy," distancing himself from Trudeau. However, Carney has recently served as a special economic adviser to Prime Minister Trudeau. Because of this, the Conservative Party has criticized, saying, "Carney is the least outsider-like person."
Carney is expected to overturn several policy directions of the Trudeau government after taking office. He plans to abolish the consumer carbon tax, one of Trudeau's major environmental policies, and has promised to balance part of the budget within three years, citing that the government spends too much and invests too little. However, he expressed support for some social policies of the Trudeau government, such as the "$10 childcare" initiative.
Carney's future will not be smooth. First, he must respond to the tariffs imposed by the U.S. government. President Trump recently announced a 25% tariff on all Canadian-made products, with exceptions only for the automotive and energy sectors. During the election process, Carney promised to impose a tax of $1 (about 1,450 won) per dollar on U.S. goods in response to Trump's tariffs and to use that revenue to help Canadian workers. He also argued that Canada should focus on diversifying its trade relations and reducing its dependence on the U.S.
He must also withstand political assaults from the opposition. According to the 'Poll Tracker' published by the Canadian Broadcasting Corporation (CBC), the Conservative Party, led by Pierre Poilievre, has a support rate of 40.3%. While the Liberal Party's support rate has recently risen, the Conservative Party still leads the Liberals by about 10 percentage points (P). Carney is considering holding an early election to strengthen the policy momentum of the Liberal Party, which has not secured a majority. As scheduled, Canada is set to hold elections in October.