From finance to politics, a renowned economist enters the race for the top political role

Mark Carney, a distinguished economist and former head of two major central banks, has officially entered the race to become Canada’s next prime minister. The announcement follows the resignation of prime minister Justin Trudeau, with the Liberal Party set to choose a new leader by March 9.
Carney, 59, served as governor of both the Bank of Canada and the Bank of England, where he earned recognition for his decisive economic leadership during the 2008 financial crisis and the Brexit transition. Speaking from Edmonton, Alberta, Carney critiqued Trudeau’s government, vowing to prioritize economic stability.
“The prime minister and his team let their attention on the economy wander too often,” he said. “I won’t lose focus.”
According to a report from the Associated Press, the contest for the Liberal Party leadership is expected to be fiercely contested between Carney and Chrystia Freeland, the former finance minister whose resignation last month precipitated Trudeau’s departure. Trudeau announced his resignation on January 6, citing waning support within his party and across the country.
Facing headwinds
Canada’s next Liberal leader may face a challenging road ahead. All three opposition parties have pledged to bring down the Liberal minority government in a no-confidence vote when parliament reconvenes on March 24, potentially triggering a spring election. Carney acknowledged the uphill battle, noting the party is “well behind” in polls but expressing confidence in his ability to win a general election.
Carney’s entry into politics marks a shift from his career as a central banker and U.N. special envoy for climate action. He has been a prominent advocate for policies addressing climate change, emphasizing corporate accountability for environmental impacts.
Carney also took aim at Conservative leader Pierre Poilievre, who currently leads in public opinion polls. He criticized Poilievre as a “life-long politician” ill-suited to negotiate with US president-elect Donald Trump, who has made controversial statements about Canada, including suggesting it should become the 51st state. Trump has also threatened to impose steep tariffs on Canadian goods.
“This is no time for life-long politicians such as Pierre Poilievre,” Carney said. “Sending Pierre Poilievre to negotiate with Donald Trump is the worst possible idea.”
In response, Poilievre attacked the Liberal Party’s economic record, blaming high taxes and accusing the government of dividing Canadians. A central theme of Poilievre’s platform is the removal of the carbon tax, which he claims has burdened Canadian families and businesses.
“Not only have the Liberals weakened our economy, now they’re resorting to dividing our people,” said Poilievre. “We don’t need to be divided; we need to be united.”
Freeland, another key contender, is reportedly planning to propose eliminating the consumer carbon tax while imposing stricter penalties on major polluters.
From central banker to PM contender
Carney’s campaign draws on his experience navigating global financial crises and his tenure in leadership roles. A former Goldman Sachs executive, Carney spent 13 years in the financial sector before entering public service as deputy governor of the Bank of Canada in 2003.
“I have helped manage multiple crises and saved two economies,” Carney said. “I know how business works, and I know how to make it work for [Canadians].”
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