Mark Carney to run for leader of the Liberal Party of Canada

After months of speculation about his political ambitions, former Bank of Canada and Bank of England governor Mark Carney has announced his candidacy to lead Canada’s ruling Liberal Party.

Mr. Carney officially launched his candidacy Thursday in his hometown of Edmonton, Alberta, at a hockey rink where he learned to skate as a young boy.

“I’m doing this because Canada is the best country in the world, but it could still be even better,” Mr. Carney said, with a giant Canadian flag as a backdrop.

If he wins, the 59-year-old will succeed Prime Minister Justin Trudeau and lead the country into the next general election, which will take place this year.

Earlier this month, Trudeau announced his intention to resign after nine years in power, once a new Liberal leader is chosen.

In Thursday’s announcement, Mr. Carney sought to anchor himself to his Canadian roots and distinguish himself from Trudeau and his opponents on the other side of the political aisle.

Although he recently served as an economic advisor to Trudeau, Mr. Carney is the only Liberal leadership candidate who is not an elected member of the Trudeau government.

He presented himself as an outsider who brings a wealth of financial knowledge to a country struggling with a sluggish economy.

Under Liberal Party rules, any party member – including those who are not elected – can run for party leadership. They are, however, expected to run for a seat in Parliament at the next election, which Mr Carney has said he intends to do.

In his speech to Canadians, Mr. Carney highlighted the challenges facing the country, such as the housing affordability crisis, stagnant wages and the threat of climate change.

“Too many people are falling behind,” he said.

He also highlighted the tariff threat from U.S. President-elect Donald Trump, who takes office Monday, saying Canada is going through extraordinary times.

Trump has suggested imposing potential tariffs of 25% on Canadian products.

“I helped manage several crises and helped save two economies,” Mr. Carney said. “I know how business works and I know how to make it work for you.”

Mr. Carney, who was educated at Harvard and Oxford, brings a range of economic experience to the race.

He previously worked at investment bank Goldman Sachs and was Canada’s central banker from 2008 – when the country became the first G7 country to raise interest rates after the financial crisis – until 2013.

He then moved to London, where he served as Governor of the Bank of England until 2020.

During his tenure, he led efforts to support the British economy through Brexit, although he faced criticism that some of his early interventions were too political.

Mr. Carney is also known as an advocate for environmental sustainability. In 2019, he became United Nations special envoy for climate change and in 2021 launched the Glasgow Financial Alliance for Net Zero, a grouping of banks and financial institutions working to combat climate change.

In recent months, Mr. Carney has advised Trudeau on economic issues. On Thursday, he criticized the current Prime Minister for his handling of the matter.

“I know I’m not the only Liberal in Canada who believes the Prime Minister and his team too often turn their attention away from the economy,” Mr. Carney said.

Mr Carney’s opponents in the Liberal leadership race include a number of sitting MPs.

Former Finance Minister Chrystia Freeland is also expected to announce an offer in the coming days.

Freeland resigned from his post in December following a rift with Trudeau over his handling of Canada’s tax issues.

Whoever wins the Liberal leadership race will face the opposition Conservatives, who have a large lead in the polls. Their leader, Pierre Poilievre, championed small government and a return to “common sense” politics.

Mr. Carney called Poilievre’s ideas for Canada “naive” and “dangerous.”

Conservatives have sought to link Mr Carney to Trudeau’s unpopular government, saying he is “just like Justin”.

They also note that he has been a champion of carbon pricing, which is Trudeau’s signature climate policy and has drawn mixed reactions in Canada.

Mr. Carney has advocated for a price on carbon, but has recently appeared to move away from the policy, telling a Senate committee in May that it had “served a purpose so far.”

On Thursday, he said the carbon tax should be replaced with “at least, if not more, effective” climate policy without harming Canadians’ bottom lines.

The Liberals are scheduled to elect their next leader on March 9.

The next Canadian general election is due to take place no later than October of this year and could take place as soon as this spring.