00:08Everything about the Praha and Prime Minister of Canada, Mark Carney
00:12His life and everything about him
00:15Part 1
00:17Shortly after winning the Liberal Party leadership election and becoming Prime Minister,
00:21Carney advised the Governor-General to dissolve Parliament and trigger a snap election.
00:26Mark Joseph Carney was born on March 16, 1965, in Fort Smith, Northwest Territories.
00:32He is the son of Verly Margaret Nea Kemper, a stay-at-home mother, and Robert James Martin Carney, a high school principal.
00:40Three of his four grandparents were Irish, from Ogagower in County Mayo.
00:45When Carney was six, his family moved to Edmonton, Alberta.
00:49His father was the Liberal candidate for Edmonton South in the 1980 Canadian federal election, placing second.
00:56His mother returned to university to pursue a career in education when Carney was ten.
01:01He has three siblings, an older brother and sister, Sean and Brenda, and a younger brother, Brian.
01:08Carney attended St. Francis Xavier High School, before studying at Harvard University on a partial scholarship and financial aid.
01:15During his Harvard years, he was backup goalie for the varsity ice hockey team and was a roommate of future NHL general manager Peter Chiarelli and former ice hockey player Mark Benning.
01:28He graduated in 1988 with a bachelor's degree with high honors in economics.
01:33He then undertook postgraduate studies at the University of Oxford at St. Peter's College and Nuffield College, where he received Master of Philosophy MPhil and Doctor of Philosophy DPhil degrees in the economics in 1993 and 1995, respectively.
01:50His master's thesis was titled, Competitive Advantage and the Advantage of Competition, a theoretical analysis of national champions, learning by doing and spillovers.
02:01And his doctoral thesis was titled, His doctoral advisor was Margaret Meyer.
02:06Carney spent 13 years at Goldman Sachs and worked in their Boston, London, New York City, Tokyo and Toronto offices.
02:14His progressively more senior positions included co-head of Sovereign Risk, Executive Director for Emerging Debt Capital Markets, and Managing Director for Investment Banking.
02:25He was co-captain of the Oxford University Ice Hockey Club alongside fellow Canadian David Lamedi.
02:32Carney spent 13 years at Goldman Sachs and worked in their Boston, London, New York City, Tokyo and Toronto offices.
02:40His progressively more senior positions included co-head of Sovereign Risk, Executive Director for Emerging Debt Capital Markets, and Managing Director for Investment Banking.
02:52His master's thesis was titled, Competitive Advantage and the Advantage of Competition, a theoretical analysis of national champions, learning by doing and spillovers.
03:03And his doctoral thesis was titled, The Dynamic Advantage of Competition.
03:09His doctoral advisor was Margaret Meyer.
03:12He was co-captain of the Oxford University Ice Hockey Club alongside fellow Canadian David Lamedi.
03:18Carney spent 13 years at Goldman Sachs and worked in their Boston, London, New York City, Tokyo and Toronto offices.
03:28His progressively more senior positions included co-head of Sovereign Risk, Executive Director for Emerging Debt Capital Markets, and Managing Director for Investment Banking.
03:39He worked on South Africa's post-apartheid venture into international bond markets and was involved in Goldman's work with the 1998 Russian financial crisis.
03:49In 2003, Carney left Goldman Sachs to join the Bank of Canada as a Deputy Governor.
03:56One year later, he was recruited to the Department of Finance Canada as Senior Associate Deputy Minister beginning on November 15, 2004.
04:05From November 2004 to October 2007, Carney was the Senior Associate Deputy Minister and G7 Deputy in the Department of Finance Canada.
04:15He served under two finance ministers, Ralph Goodale, a Liberal, and Jim Flaherty, a Conservative.
04:22During this time, Carney oversaw the Government of Canada's controversial plan to tax income trusts at source.
04:29Carney was also the lead on the Federal Government's profitable sale of its 19% stake in Petro Canada.
04:36In October 2007, Carney was appointed Governor of the Bank of Canada.
04:41He immediately left his position at the Department of Finance to become an advisor to the outgoing Governor, David Dodge,
04:47before formally assuming Dodge's position on February 1, 2008. Carney was selected over Paul Jenkins,
04:54the Senior Deputy Governor who had been considered the front-runner to succeed Dodge.
04:59Carney took on this role at the beginning of the 2008 financial crisis.
05:04At the time of his appointment, Carney was the youngest central bank governor among the G8 and G20 nations.
05:11Carney's actions as Governor of the Bank of Canada are said to have played a major role
05:16in helping Canada avoid the worst impacts of the financial crisis.
05:20The epoch-making feature of Carney's tenure as Governor remains the decision to cut the overnight rate
05:25by 50 basis points in March 2008, one month after his appointment.
05:30While the European Central Bank delivered a rate increase in July 2008, Carney anticipated
05:36the leveraged loan crisis would trigger global contagion.
05:39When policy rates in Canada hit the effective lower bound, the central bank combated the crisis
05:45with the non-standard monetary tool conditional commitment in April 2009 to hold the policy rate for at least one year,
05:52in a boost to domestic credit conditions and market confidence.
05:56Output and employment began to recover from mid-2009, in part thanks to monetary stimulus.
06:03The Canadian economy outperformed those of its G7 peers during the crisis,
06:07and Canada was the first G7 nation to have both its gross domestic product GDP and employment recover to pre-crisis levels.
06:17The Bank of Canada's decision to provide substantial additional liquidity to the Canadian financial system,
06:23and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year,
06:29appear to have been significant contributors to Canada's weathering of the crisis.
06:34The commitment to ultra-low lending rates led to a spike in housing prices and household debt.
06:40In April 2012, Carney acknowledged there were issues in some segments of the housing market,
06:45and some properties in Canada were probably overvalued, but he was not overly concerned.
06:51He stated low interest rates were not to blame, but the onus was on individuals who take out the loans,
06:57the banks, and the federal government's mortgage lending rules.
07:00Before Carney left for the Bank of England, there were calls to raise rates,
07:04as Canadians were holding record-level debt, and the housing market was overheated.
07:09Canada's risk-averse fiscal and regulatory environment is also cited as a factor.
07:14In 2009, a Newsweek columnist wrote,
07:17Canada has done more than survive this financial crisis.
07:20The country is positively thriving in it.
07:23Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize.
07:32Carney earned various accolades for his leadership during the financial crisis.
07:36He was named one of Financial Times's 50, who will frame the way forward, and of Time magazine's 2010 Time 100.
07:44In May 2011, Reader's Digest named him Editor's Choice for Most Trusted Canadian.
07:50In October 2012, Carney was named Central Bank Governor of the year 2012 by the editors of Euromoney magazine.
07:57In March 2025, former Prime Minister Stephen Harper stated in a Conservative Party fundraising letter
08:04that Carney was not involved in the daily management of Canada's economy during the global recession,
08:10and Carney was undermining former Finance Minister Jim Flaherty's legacy.
08:15Carney was chairman of the Bank for International Settlements Committee on the Global Financial System from July 2010 until January 2012.
08:23Carney was a member of the Group of 30, an international body of leading financiers and academics,
08:29and of the Foundation Board of the World Economic Forum.
08:33Carney attended the annual meetings of the Bilderberg Group in 2011, 2012, and 2019.
08:40On November 4, 2011, Carney was named chairman of the Basel-based Financial Stability Board,
08:46which coordinates international financial regulatory authorities.
08:51In his statement, Carney credited his appointment to the strong reputation of Canada's financial system,
08:57and the leading role that Canada has played in helping to develop many of the most important international reforms.
09:02The three-year term was a part-time commitment, allowing Carney to complete his term at the Bank of Canada.
09:10While there had been no indication of his priorities as chairman, on the day of his appointment,
09:15the board published a list of 29 banks that were considered sufficiently large as to pose a risk to the global economy should they fail.
09:24At his first press conference as chairman of the FSB in January 2012, Carney laid out his key priorities for the board.
09:32Carney's term ended in 2018, while he was in his next post at the Bank of England.
09:38On November 26, 2012, Chancellor of the Exchequer George Osborne announced the appointment of Carney as Governor of the Bank of England.
09:47He succeeded Sir Mervyn King on July 1, 2013.
09:51He was the first non-Britain to be appointed to the role since the Bank of England was established in 1694.
09:59The Bank of England was given additional powers from 2013, such as the ability to set bank capital requirements.
10:06In 2014, Carney warned that if the Scottish independence referendum was successful, the new country would likely not be able to continue using the pound sterling without ceding some powers to the UK.
10:19In 2015, Carney changed the number of yearly interest rate meetings from 12 to 8 and ordered minutes to be published during the announcements.
10:29I stopped at this point today.
10:32Until next time, stay curious, stay informed, and keep exploring the world's incredible stories.
