Mark Carney becomes Justin Trudeau's advisor on economic growth

Photo: Justin Tallis Associated Press Mark Carney served as governor of the Bank of Canada from 2008 to 2013 and then governor of the Bank of England from 2013 to 2020. He is seen here in London, United Kingdom, in June.

Although he is on the short list of possible replacements for Justin Trudeau, former Bank of Canada Governor Mark Carney is joining his party as chair of a “Leader’s Task Force on Economic Growth.”

The news, which was leaked to several media outlets on Monday, was announced in an email mid-afternoon. The announcement was signed by the Liberal Party of Canada, not Prime Minister Trudeau’s office or his government.

“[Mark Carney] will help the Liberal Party of Canada develop and refine ideas for the next phase of Canada’s strategy for economic growth and productivity in the short and longer term,” the statement said.

His role will be closely linked to the drafting of the Liberal platform for the upcoming election. The risk of an early election has increased as the New Democratic Party broke off a deal that was supposed to keep Justin Trudeau in power until 2025.

In preparation for an election

The Liberal Party has tasked Mark Carney with “hearing the views of Canadians, including leading business experts, labour representatives, Indigenous economic development leaders and innovators, among others.”

He is expected to deliver “a practical, focused and powerful vision for Canada’s economic success.” That job involves chairing meetings and then presenting his recommendations in a report to the Liberal Party committee tasked with drafting the next election platform.

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Carney is also scheduled to make a presentation this week to Liberal MPs gathered in Nanaimo, B.C., to prepare for the next session of Parliament in the House of Commons, which begins next Monday.

The 59-year-old banker’s political ambitions have been the subject of much speculation in recent years. Observers of federal politics have consistently placed Carney at the top of the list of potential candidates for the leadership of the Liberal Party of Canada, should Justin Trudeau step down.

Entry into politics

Mark Carney served as governor of the Bank of Canada from 2008 to 2013, and then governor of the Bank of England from 2013 to 2020. He considered running for the Liberals in the last general election, but decided not to.

Although he has no real political experience, Mr. Carney is accustomed to using his social media channels as an active politician would. He communicates in French and English, and poses with political figures from around the world, such as British Prime Minister Keir Starmer and French President Emmanuel Macron. However, he has remained silent on the X platform throughout August.

It was a pleasure to speak with President @EmmanuelMacron today.

His leadership is propelling France to unprecedented levels of foreign investment and accelerating our transition to a net-zero future. pic.twitter.com/tQgPMuQ1yz

— Mark Carney (@MarkJCarney) May 13, 2024

Conservative Party of Canada (CPC) Leader Pierre Poilievre spent part of the spring poking fun at Mr. Carney, whom he dubbed “Mark ‘Carbon Tax’ Carney,” in reference to his public support for pollution pricing policies.

Born in Fort Smith, Northwest Territories, and raised in Edmonton, Alberta, Mark Carney studied at the prestigious universities of Harvard in the United States and Oxford in England. He currently serves as the United Nations Special Envoy for Climate Finance. He also works for Canadian asset management firm Brookfield.