Former Central Bank Governor Mark Carney Takes Office as Canadian Prime Minister


TLDR

  • Mark Carney, former central banker, has been elected as Canada’s new Prime Minister, replacing Justin Trudeau
  • Carney has previously criticized Bitcoin, calling it a “criminal act of monetary amnesia” with “serious deficiencies”
  • Despite his crypto criticism, Carney served on the board of Stripe while it implemented crypto payment solutions
  • Carney plans to fight back against US tariffs implemented by President Trump, promising retaliatory measures
  • Carney has extensive financial experience as former governor of both Bank of Canada and Bank of England

Mark Carney, a former central banker with extensive financial experience, has been elected as Canada’s new Prime Minister. Carney won in a landslide vote on March 9 to replace Justin Trudeau, who held the position for over seven years.

Carney brings an unusual background to the role. Unlike most politicians, he has never held elected office before.

Born in Fort Smith, Northwest Territories, and raised in Edmonton, Alberta, Carney grew up in a family of teachers. He played ice hockey as a goalie in his youth.

His education took him abroad. Carney earned an economics degree from Harvard University. He later completed both a master’s degree and doctorate in economics from Oxford University.

Carney’s professional career began at Goldman Sachs. He spent 13 years with the firm, working across their offices in London, Tokyo, New York, and Toronto.

In 2008, Carney became governor of the Bank of Canada. This position coincided with the Great Recession, giving him valuable crisis management experience.

His work at Canada’s central bank earned him international recognition. By 2013, Carney crossed the Atlantic to serve as governor of the Bank of England.

This appointment was historic. Carney became the first non-British person to hold this position in the Bank of England’s history.

Bitcoin Critic Now National Leader

Carney has been outspoken about Bitcoin and cryptocurrencies. In 2018, while serving as governor of the Bank of England, he criticized Bitcoin’s fixed supply.

“If ‘those who cannot remember the past are condemned to repeat it,’ recreating a virtual global gold standard would be a criminal act of monetary amnesia,” Carney stated. He claimed Bitcoin had “serious deficiencies.”

He also questioned Bitcoin’s stability. “If you had taken out a 1,000 pound student loan in Bitcoin in last December to pay your sterling living costs for next year, you’d be short about 500 pounds right now.”

Despite these criticisms, Carney has connections to the fintech world. He served as a board member at payments processor Stripe from February 2021 to January 2025.

During his time at Stripe, the company implemented various crypto payment solutions. This appears somewhat at odds with his previous criticisms.

Carney’s views on cryptocurrency seem stronger than Trudeau’s. The former prime minister once described opposition leader Pierre Pollievere’s pro-crypto platform as “reckless.”

In his March 9 victory speech, Carney addressed international economic concerns. He specifically called out US President Donald Trump for “attacking Canadian families” through tariffs.

“Donald Trump has put unjustified tariffs on what we build, sell and how we make a living,” Carney said. He confirmed that Canada has “rightly retaliated” with its own tariffs.

These retaliatory measures will remain in place, according to Carney, until “the Americans show us respect.” He took a strong stance on Canadian sovereignty.

“Canada will never be part of America in any way, shape, or form,” Carney declared. This statement directly countered Trump’s reported aspiration to make Canada the 51st US state.

Climate action has been another focus of Carney’s career. In 2019, he became the UN Special Envoy for Climate Action and Finance.

In this role, he advocated for financial sector investment in net-zero emissions. “When I became governor of the Bank of England, which oversees the insurance industry, I saw that the number of extreme weather events had tripled.”

During his campaign, Carney proposed shifting the carbon tax burden. His plan would move costs from consumers to large corporations.

He suggested replacing the tax Canadian consumers and small businesses pay on fuel. Instead, he wants to implement incentives to reduce carbon emissions.

Experts believe Carney’s financial background may be valuable. The timing could be perfect as Canada faces economic challenges with its southern neighbor.

“He’s very competent in economics, so with these tariffs, this economic war, a lot of people are supporting him,” said Charles-Etienne Beaudy, political science professor at the University of Ottawa.

Carney addressed these economic tensions in his victory speech. Using a sports metaphor familiar to many Canadians, he declared, “In trade as in hockey, Canada will win.”

The new prime minister now faces multiple challenges. He must navigate trade tensions with the US while preparing for federal elections later this year.

Carney told local media on March 1 that he had started the process of renouncing his UK and Irish citizenships. This step clears the way for him to fully focus on his new role as Canada’s leader.



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