Mark Carney Enters Race to Succeed Trudeau as Canada's Prime Minister

Former central banker Mark Carney, who previously served as Governor of both the Bank of Canada and the Bank of England, has officially announced his candidacy to succeed Canadian Prime Minister Justin Trudeau. The announcement was made during an event in Edmonton.

Carney is the first major contender to enter the leadership race. He also confirmed his decision with a brief post on X, stating simply, "I’m in."

Explaining his motivation, the 59-year-old said, "I’m doing this because Canada is the best country in the world, but it can be even better."

Carney, once courted by Trudeau to join his government, had previously served as an economic adviser. A recent attempt to bring him into the cabinet last December contributed to the unexpected resignation of then Deputy Prime Minister and Finance Minister Chrystia Freeland.

Positioning himself as an outsider, Carney criticized the current government, stating, "The Prime Minister and his team have too often allowed their focus to drift away from the economy."

“The system is not working as it should, and it’s not working as it could,” Carney remarked.

With the looming threat of tariffs from the incoming administration of U.S. President-elect Donald Trump, Carney highlighted his experience in managing major economic challenges, including the 2008 global financial crisis and Brexit. “I am fully committed to getting our economy back on track,” he stated.

Carney served as Governor of the Bank of Canada in 2008, and after his tenure, he moved to London to become Governor of the Bank of England, a position he held until 2013.

He also held prominent roles as chair of Brookfield Asset Management and as a member of the board of directors at Bloomberg. However, Carney emphasized, “I have resigned from all my positions — full stop. I’m all in for Canada.”

Carney chose Edmonton for his announcement, the city where he grew up.

His campaign website, still in its early stages, highlights his role since 2019 as the UN Special Envoy for Climate Action and Finance, where he has been working to strengthen global economies while addressing climate change.

Meanwhile, Chrystia Freeland, expected to be Carney’s main competitor for the Liberal Party leadership, may declare her candidacy on Friday, with plans to officially launch her campaign on Sunday, according to Canadian media reports.

The leadership race was triggered by Prime Minister Trudeau’s recent announcement of his intention to resign. The process is set to conclude by March 9, leaving the new leader roughly two weeks to prepare for Parliament’s return on March 24, following its prorogation.

With the ruling Liberal Party trailing the opposition Conservatives by at least 20 points in recent polls, Carney did not hold back in criticizing Conservative leader Pierre Poilievre. "I’m not the usual suspect when it comes to politics, but this is no time for politics as usual," he stated. "It’s not the time for lifelong politicians such as Pierre Poilievre."