Canada's Carney to head Bank of England

Nov 26, 2012, 10:47 AM EST
The Governor of the Bank of Canada, Mark Carney, speaks during a press conference in Mexico City on November 5, 2012 in the framework of the G20 Finance Ministers' and Central Bank Governors' Meeting.

Canada's central bank head Mark Carney will take over as Governor of the Bank of England next year, British finance minister George Osborne told parliament on Monday, announcing a surprise choice to replace outgoing Governor Mervyn King who retires next June. Carney, described as one of the outstanding central bankers of his generation by Osborne, beat out the favorite, Paul Tucker, the Bank's deputy governor for financial stability. The position is considered to be the most powerful unelected office in the country. Carney, a former Goldman Sachs investment banker who has been widely praised for steering Canada's banking system through the global financial crisis with the least damage of any developed economy, will take over as the Bank of England is being given expanded regulatory powers and a broader economic policy mandate.