Former Bank of Canada governor Mark Carney has announced his candidacy to lead the ruling Liberal Party, aiming to succeed outgoing Prime Minister Justin Trudeau.
Carney, 59, launched his campaign in Edmonton, positioning himself as an outsider focused on revitalising Canada’s struggling economy.
Trudeau, who has led the Liberals since 2015, announced his resignation earlier this month amid waning support and poor polling numbers. He will remain in office until the party selects a new leader on 9 March.
Carney faces competition from Chrystia Freeland, the former finance minister whose resignation last month over policy disagreements reportedly influenced Trudeau’s decision to step down.
The Liberal Party’s next leader will face immediate challenges, as the minority government risks being toppled in Parliament by the end of March, potentially triggering an election that polls suggest the opposition Conservatives are poised to win.
In his campaign launch, Carney emphasised his financial expertise, saying, “I’ve helped manage multiple crises and save two economies. I know how business works and how to make it work for Canadians.”
Despite casting himself as an outsider, Carney’s ties to Trudeau have drawn criticism. Last year, Trudeau appointed him chair of a task force on economic growth, and Conservatives argue his long-time Liberal connections undermine his outsider status.
In 2013, he took over as governor of the Bank of England, becoming the first person to ever head two major central banks.
Carney, who served as governor of both the Bank of Canada and the Bank of England, boasts significant financial credentials. His leadership during the 2008 global financial crisis and subsequent work as the United Nations special envoy for climate action and finance have solidified his reputation.
Before launching his campaign, Carney resigned from his UN role and all commercial positions, stating, “I resigned all my roles… I am all in.”
As the leadership race unfolds, the Liberals must contend with internal divisions and the prospect of an election under new leadership.