Mark Carney

Mark Carney
Carney in 2025
Mark Carney
Born	Mark Joseph Carney 16 3, 1965
Birthplace	Fort Smith, Northwest Territories, Canada
Nationality	Canadian, British, Irish
Occupation	Politician, economist, central banker
Known for	24th Prime Minister of Canada; Governor of the Bank of Canada; Governor of the Bank of England
Education	University of Oxford (MA, DPhil)
Spouse(s)	Diana Fox Carney
Children	4

Mark Joseph Carney (born March 16, 1965) is a Canadian politician and economist serving as the 24th prime minister of Canada since March 14, 2025. A figure whose career has spanned the worlds of international finance, central banking, and national politics, Carney is the leader of the Liberal Party of Canada and the member of Parliament for Nepean. Before entering politics, Carney served as the eighth Governor of the Bank of Canada from 2008 to 2013 — steering Canadian monetary policy through the global financial crisis — and as the 120th Governor of the Bank of England from 2013 to 2020, the first non-British citizen to hold that office. He also chaired the Financial Stability Board from 2011 to 2018 and served as the United Nations Secretary-General's Special Envoy on Climate Action and Finance from 2019 to 2025. Born in the Northwest Territories and raised in Edmonton, Alberta, Carney studied economics at Harvard University and the University of Oxford before spending thirteen years at Goldman Sachs. His entry into Canadian politics in early 2025, following the resignation of Prime Minister Justin Trudeau, culminated in a landslide leadership victory, his appointment as prime minister — making him the first in Canadian history never to have previously held elected office — and the subsequent leading of the Liberal Party to a minority government in the 2025 federal election.

Early life

Mark Joseph Carney was born on March 16, 1965, in Fort Smith, Northwest Territories, Canada. He was raised in Edmonton, Alberta, where he spent his formative years. His father was a high school principal, and the family had deep roots in the Canadian educational community.

Carney has Irish heritage, a fact noted during his later career in both central banking and politics. He holds Canadian, British, and Irish citizenship.

Growing up in Edmonton, Carney displayed an early interest in both academics and athletics. As a young man, he worked as a paperboy for the Edmonton Journal, an experience later referenced in profiles of his career. Ice hockey was a significant part of his upbringing in Alberta, and his involvement in the sport continued through his university years. At Harvard, Carney played on the Harvard Crimson men's ice hockey team as a goaltender. His background as a hockey-playing westerner became a notable feature of his public identity, later referenced frequently in British media when he assumed the governorship of the Bank of England.

Education

Carney attended Harvard University, where he earned a Bachelor of Arts degree in economics in 1988. During his time at Harvard, in addition to his studies, he was a member of the varsity ice hockey team.

Following his undergraduate studies and a period of work in the private sector, Carney pursued graduate studies at the University of Oxford, one of the world's foremost centres for economics research. He earned a Master of Arts degree and subsequently a Doctor of Philosophy (DPhil) in economics from Oxford, completing his master's in 1993 and his doctorate in 1995. His advanced academic training in economics provided the intellectual foundation for his subsequent career in both the private financial sector and public central banking.

Career

Goldman Sachs

After completing his undergraduate degree at Harvard, Carney joined Goldman Sachs, the multinational investment bank. He spent thirteen years at the firm, working in its London, Tokyo, New York, and Toronto offices. His work at Goldman Sachs covered a range of areas within investment banking and finance. The experience gave Carney extensive exposure to international financial markets and global economic dynamics, skills that would prove central to his later roles in central banking and financial regulation.

Bank of Canada: Deputy Governor

In 2003, Carney left the private sector to join the Bank of Canada as a deputy governor, a position he assumed on August 10, 2003. He served under Governor David A. Dodge. This transition from the private sector to public service marked a pivotal shift in Carney's career, bringing his financial expertise into the realm of monetary policy.

Department of Finance Canada

In November 2004, Carney was appointed Senior Associate Deputy Minister of Finance, departing the Bank of Canada to join the Department of Finance Canada. In this senior civil service role, he was involved in shaping Canadian fiscal and economic policy. He succeeded Kevin G. Lynch in the position and served until February 2007, when he was succeeded by Michael Horgan.

Governor of the Bank of Canada (2008–2013)

On October 4, 2007, it was announced that Carney would become the eighth Governor of the Bank of Canada, succeeding David A. Dodge. He assumed the role on February 1, 2008, serving under Prime Minister Stephen Harper.

Carney's tenure as Governor of the Bank of Canada was defined by the global financial crisis of 2008–2009. Under his leadership, the Bank of Canada responded to the crisis with significant monetary policy measures, including interest rate cuts intended to stabilize the Canadian financial system and support economic recovery. Canada's banking sector was widely noted during this period for its relative resilience compared to banks in the United States and Europe, and Carney's stewardship of monetary policy during the crisis raised his international profile considerably.

In November 2011, during his time as Governor of the Bank of Canada, Carney was appointed the second chair of the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system. He succeeded Mario Draghi in the role and served for two terms, until November 2018, when he was succeeded by Randal Quarles.

Carney served as Governor of the Bank of Canada until June 3, 2013, when he was succeeded by Stephen Poloz.

Governor of the Bank of England (2013–2020)

In late 2012, British Chancellor of the Exchequer George Osborne announced the appointment of Carney as the 120th Governor of the Bank of England, effective July 1, 2013. Carney became the first non-British citizen to hold the position in the Bank's then-319-year history, a fact that generated considerable media attention on both sides of the Atlantic. He succeeded Sir Mervyn King in the role.

As Governor of the Bank of England, Carney oversaw a period of considerable economic and political turbulence in the United Kingdom. A defining event of his tenure was the United Kingdom's referendum on European Union membership in June 2016, in which voters chose to leave the EU. In the immediate aftermath of the referendum result, financial markets experienced significant volatility, and Carney played a prominent role in seeking to reassure markets and the public about the stability of the British financial system. The Bank of England under his leadership took measures to ease monetary conditions, including cutting the base interest rate. Carney's public statements about the economic risks of Brexit drew criticism from some politicians who accused him of political partisanship, though he maintained that the Bank was fulfilling its mandate to provide an objective assessment of economic conditions.

Carney also led the Bank of England during the initial phase of the COVID-19 pandemic in early 2020, which brought unprecedented economic disruption globally. His term as governor ended on March 15, 2020, when he was succeeded by Andrew Bailey.

During his time at the Bank of England, Carney became an increasingly vocal advocate for addressing climate change as a systemic financial risk, warning that the transition to a low-carbon economy would require significant adjustments in the financial sector. This theme would become central to his subsequent career.

Post-central banking roles (2020–2025)

Following his departure from the Bank of England, Carney took on a variety of roles in both the private and public sectors. He served as chair of Bloomberg L.P. and as vice-chair at Brookfield Asset Management, a spin-off of Brookfield Corporation. He also served as co-chair of the World Bank's private sector investment lab.

In December 2019, shortly before the end of his tenure at the Bank of England, Carney was appointed by United Nations Secretary-General António Guterres as the UN Special Envoy on Climate Action and Finance, a role he held from December 1, 2019, to January 15, 2025. In this capacity, he worked to mobilize private finance to achieve the goals of the Paris Agreement on climate change.

Carney was also reported to have served as an informal advisor to Canadian Prime Minister Justin Trudeau at the start of the COVID-19 pandemic, before returning to private sector activities.

In 2024, Carney was appointed as chair of the Liberal Party's Task Force on Economic Growth, a role that positioned him closer to the centre of Canadian domestic politics and fuelled growing speculation about a potential entry into electoral politics.

Entry into politics and Liberal leadership (2025)

In January 2025, Prime Minister Justin Trudeau announced his resignation amid a political crisis within the Liberal Party. Carney entered the Liberal Party leadership election, launching his campaign in Edmonton, his hometown. He won the leadership in a landslide victory on March 9, 2025, succeeding Trudeau as leader of the Liberal Party.

Prime Minister of Canada (2025–present)

On March 14, 2025, Carney was appointed the 24th Prime Minister of Canada, sworn in by Governor General Mary Simon under the reign of Charles III. He became the first prime minister in Canadian history never to have previously held elected office.

After becoming prime minister, Carney advised the Governor General to dissolve Parliament and trigger a federal election. Despite earlier poor opinion polling for the Liberal Party, Carney led the Liberals to a minority government, securing the party's fourth consecutive mandate since 2015. He was elected for the first time to the House of Commons in the riding of Nepean, succeeding Chandra Arya as the riding's member of Parliament on April 28, 2025.

During his tenure as prime minister, Carney has pursued a series of significant policy actions. He removed the federal consumer carbon tax and relaxed certain environmental regulations. He enacted the One Canadian Economy Act, legislation aimed at reducing interprovincial trade barriers in Canada and expediting major infrastructure projects, framed as a response to the ongoing trade war with the United States.

Carney's government has also focused on diversifying Canada's international trade relationships. In February 2026, Carney embarked on a trade trip to India, Australia, and Japan, described as an effort to reduce Canadian economic reliance on the United States amid the trade dispute.

On February 24, 2026, Carney pledged $2 billion in military aid for Ukraine and announced additional sanctions against Russia, on the fourth anniversary of the Russian invasion of Ukraine.

The period of Carney's prime ministership has been marked by heightened tensions between Canada and the United States under President Donald Trump, including threats to Canadian sovereignty. Reports indicated a surge in Canadian military recruitment, attributed to these tensions. Carney has also faced challenges from domestic separatist movements, particularly in Alberta, with reports of ultra-right Canadian groups engaging directly with the Trump administration on the subject of secession.

In February 2026, Carney was reported to have been aware of oil company South Bow's plans to revive parts of the canceled Keystone XL pipeline prior to a meeting at the White House.

Personal life

Carney is married to Diana Fox Carney, a British economist and social entrepreneur. Diana Fox Carney has worked in the fields of sustainability and social impact. The couple have four children.

Carney holds triple citizenship — Canadian, British, and Irish. His Irish ancestry has been noted in media coverage, particularly during his time at the Bank of England and upon his entry into Canadian politics.

A lifelong ice hockey player, Carney was a goaltender on the Harvard Crimson men's ice hockey team during his university years. He has maintained an interest in hockey throughout his life, and his connection to the Edmonton Oilers fan community has been noted in profiles.

As prime minister, Carney resides at Rideau Cottage in Ottawa, the official residence used by Canadian prime ministers since 2015.

Recognition

Carney's career in central banking brought him significant international recognition. His leadership of the Bank of Canada during the global financial crisis and subsequent appointment as Governor of the Bank of England — the first non-British citizen in the role — established him as one of the most prominent central bankers of his era.

His appointment as chair of the Financial Stability Board in 2011, succeeding Mario Draghi, reflected his standing in the global financial regulatory community. His role as the United Nations Special Envoy on Climate Action and Finance further expanded his profile in international policy circles.

Carney's entry into Canadian politics and rapid ascent to the prime ministership attracted worldwide media attention, given his unprecedented path to the office — the first Canadian prime minister to assume the role without having previously held elected office.