Mark J. Carney - New Governor of the Bank of Canada

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Mark Carney Appointed Governor of the Bank of Canada

OTTAWA – The Directors of the Bank of Canada appointed under Section 9 of the Bank of Canada Act today announced that they have appointed Mark Carney as Governor of the Bank of Canada for a seven-year term, effective 1 February 2008. Mr. Carney will succeed David Dodge, who announced earlier this year that he will retire from the Bank at the end of his term on 31 January 2008.

"Mark Carney brings to his new role an outstanding breadth of experience and expertise," said Jean-Guy Desjardins, Chair of the Special Committee of the Board of Directors. "The directors believe that Mr. Carney is superbly equipped to lead the Bank. We are confident that he can take on the challenges of the Governor's role in promoting the economic and financial welfare of Canada over the next seven years."

Mr. Carney will join the Bank of Canada on 1 November 2007 as Advisor to the Governor, a position he will occupy until he assumes his duties as Governor.

A native of Fort Smith, Northwest Territories, Mr. Carney received a bachelor's degree in economics from Harvard University in 1988. He received a master's degree in economics in 1993, and a doctorate in economics in 1995, both from Oxford University.

Prior to joining the public service, Mr. Carney had a thirteen-year career with Goldman Sachs, eventually becoming a Managing Director of the firm. Mr. Carney was Deputy Governor of the Bank of Canada from August 2003 until his appointment as Senior Associate Deputy Minister of Finance in November 2004. In addition to his domestic responsibilities in the Department of Finance, he also served as Canada's Finance Deputy at the G-7, G-20 and the Financial Stability Forum.

On behalf of the directors, Mr. Desjardins thanked Governor Dodge for his dedicated service to the Bank and to the Canadian public, and wished him well in his future endeavours.

http://www.bankofcanada.ca/en/press/2007/pr07-27.html

If George W. Bush gets wind of this he might feel better about himself.  I can almost hear him now:

If Art Carney can be the Governor of a major national bank, maybe people will stop misunderestimating me and believe that I'm more than qualified to run a country.  What does Art Carney know about finances?  He worked in the sewers on "The Honeymooners"!  Maybe I should be pals with this Art Carney guy; he is from Canada and most of the imports into the United States come from other countries...

Mr. Mark Carney.  Watch for his signature.....oh....maybe late 2008?  Starts his new job on February 1, 2008.

The question now is, will Mr. Jenkins feel slighted by the by-pass and seek his fortunes elsewhere, some time in 2008?
We may have Jenkins/Carney for a short while and then, ?/Carney!
JWS

Oh brother...things are not always what they seem...

Yikes... they are slowly taking over the world...

Inflation fighter Carney to head Bank of Canada

OTTAWA, Oct 4 (Reuters) - Senior finance ministry official Mark Carney was named as the incoming Bank of Canada governor on Thursday and immediately pledged to stick to a policy of keeping inflation low.

Carney, a former investment banker at Goldman Sachs, is just 42 and will be the youngest central banker in the Group of Eight leading nations. He replaces David Dodge and starts his seven-year term on Feb. 1, 2008…

I never can trust a "carney", they always rig the games!

See news release:   http://www.bankofcanada.ca/en/press/2007/pr07-27.html

Get ready for Jenkins - Carney notes!!!!!!

Given Mr. Carney's young age, unless he flatlines in his duties or displeases his political masters,
I would suspect that he is in for two terms.   I can't imagine that Paul Jenkins is going to hang around for more than a year before finding greener pastures like Malcolm Knight did.   So there may be even another signature change after a year or so.   The other deputy governors are Sheryl Kennedy, Pierre Duguay,
David Longworth and Tiff Macklem.  My guess is they will stay in house for the next senior deputy so then we may have notes signed by Kennedy - Carney; Duguay - Carney; Longworth - Carney or Macklem - Carney.   

I will be stocking up on J-D notes now. I wonder what the changeover prefix(es) will be?

So - new signatures in 2008?  Is parlimentary confirmation required?  How does this align with the 2iV thread on regionalizing North American currency systems?

blumax

Followup: Well, I missed this thread when I posted originally.  My apologies.

What I would like to see:

A) the signature change in the middle or at the end of a prefix

B) the signature change after about 100 - 300 K of 2008 notes have already been printed with Jenkin/Dodge signatures.

That would add a little excitement in our collecting.  However with the way the $10 BTG change overs occurred -- don't be too surprised if the BOC take the wind out of our sails and release everything neat and tidy.