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Bank of Canada governor Mark Carney will be leaving his post in Ottawa to become the next governor of the Bank of England. The announcement on Monday took many investors and business leaders by surprise.
BNN has gathered reaction from many commentators.
Terry Campbell, President of the Canadian Bankers Association:
"We congratulate Mark Carney on his appointment as Governor of the Bank of England. He has played a key leadership role in helping our country throughout the recent economic crisis and beyond, and in guiding international financial services regulatory reform initiatives. His appointment reflects well on the success that he achieved in both the Canadian and international contexts. We wish him great success in his new position in dealing with the economic and fiscal challenges in the UK and Europe as they have an impact on the global economy. The CBA and banks in Canada look forward to working with the next Governor of the Bank of Canada."
British Bankers Association chief executive Anthony Browne:
"Mr. Carney is well-known and widely respected internationally, particularly for his work as head of the Financial Stability Board. His appointment to the Bank of England will be welcomed in the City and beyond."
Liberal Leader Bob Rae:
"Governor Carney will face many challenges in his new position, both within the Eurozone and the larger global economy; however, I have no doubt that he will bring the same leadership, dedication and strategic vision that he provided to the Bank of Canada during this period of economic difficulty. Canadians owe the Governor tremendous gratitude for his decisive management role and service to the country.
OSFI superintendent Julie Dickson:
“Mr. Carney brings tremendous credibility in this new role and I will miss his counsel as a member of the team of government agencies in Canada that work together in support of a sound and stable financial system.”
David Madani, Canada Economist, Capital Economics:
"Mark Carney's surprise decision to accept the head job at the Bank of England, after explicitly telling everyone he was not interested, adds to an already uncertain outlook for Canada. Moreover, it could not come at a worse time for Canada's economy, which appears to be confronting the risk of a potentially severe and protracted housing market correction. Carney's departure has not materially altered, however, the near-term outlook for interest rates."
Gregory Klump, The Canadian Real Estate Association’s chief economist:
"Mark Carney deserves kudos for his responsiveness, flexibility and consistency during his time at the helm of the Bank of Canada. He was quick to adopt a Zero Interest Rate Policy during the period of global financial market upheaval in late 2008/early 2009, which provided the monetary stimulus necessary to mitigate the economic impact of a global economic recession. He also demonstrated flexibility when withdrawing his conditional commitment to hold interest rates at rock bottom once inflation looked ready to broach his comfort level. Moreover, he’s been consistent in warning Canadians that interest rates will rise and about taking on too much debt while interest rates remain extraordinarily low. Throughout his tenure, he has demonstrated an unwavering commitment to keep inflation within the Bank’s target range, in his words and his actions, the result being that the Canadian economy is internationally regarded as a shining star among industrialized nations."
Bank of Nova Scotia CEO Rick Waugh:
"I’d like to congratulate Mark Carney on his appointment as Governor of the Bank of England. During his tenure at the Bank of Canada he consistently encouraged dialogue with the private sector in order to address the ongoing challenges and opportunities. I believe his leadership and experience with Canada’s strong monetary and fiscal systems will serve him well in his new role, especially as he remains chair of Financial Stability Board."