Mark Carney named Bank of England’s next governor

Bank of Canada Governor Mark Carney will become head of the Bank of England next summer.

Finance Minister Jim Flaherty called it a bittersweet moment as he announced Carney’s new job.

Flaherty says it’s the first time a foreigner has been tabbed to run Britain’s venerable national bank.

In a statement released Monday afternoon, Prime Minister Stephen Harper congratulated Carney on his new position.

“On behalf of the Government of Canada I would like to offer my congratulations to Mark Carney on his appointment as Governor of the Bank of England.” said Harper.

“In this time of global economic uncertainty, Governor Carney has done an admirable job in fulfilling the Bank of Canada’s mandate and has been a valued partner as the Government has worked to steer Canada away from the worst impacts of the global economic recession. As a result, Canada remains an example to the world with its strong banks, effective regulatory environment and sound economic policy.”

Carney said he was “honoured” to have been given such trust.

“This is a major challenge, a major opportunity. It is very important for the global economy that the U.K. does well, that it succeeds in this rebalancing of their economy, that the reform of the British financial system is completed, it’s very important for Canada that the European transition comes to fruition. I will play a role there,” he said.

Carney was appointed to run the Bank of Canada in February 2008 and led it through a tough recession.

He will stay on at the Canadian bank until June 1 and move to his new job on July 1, 2013.

He replaces Sir Mervyn King.

– With files from The Canadian Press

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