After a meteoric rise in Canadian politics, former bank governor Mark Carney has become Canada's 24th Prime Minister. The 60-year-old was sworn in on March 14, 2025, just five days after winning the Liberal Party leadership race with an overwhelming 85.9% of votes. He succeeds Justin Trudeau as both party leader and Prime Minister.
Born in Fort Smith, Northwest Territories, and raised in Edmonton, Carney brings an impressive financial background to his new role. He earned an economics degree from Harvard University, followed by a master's and doctorate from Oxford. His career spans 13 years at Goldman Sachs and leadership positions at two major central banks.
Carney served as Governor of the Bank of Canada from 2008 to 2013, then made history as the first non-Briton to lead the Bank of England since 1694. His handling of the global financial crisis and Brexit earned him the nickname "rock star banker" for his forward guidance policy.
Unlike traditional political paths, Carney has never held elected office. He announced his bid for Liberal leadership in January 2025 and quickly gained support within the party. His quick rise to power comes as Canada faces significant challenges, particularly in its relationship with the United States.
Carney's key priorities include boosting economic growth while maintaining fiscal responsibility. He's taken a strong stance on climate action and Canadian sovereignty, particularly regarding U.S. pressure and trade measures. He supports retaliatory tariffs against American trade actions.
The new Prime Minister faces immediate challenges. He must manage growing trade tensions with the U.S. and counter President Trump's rhetoric about Canadian annexation. He also needs to prepare for a federal election, which must be held by October 20, 2025.
While critics label him as "elitist" and "globalist," many Canadians view Carney as a competent economic manager. The ceremony at Rideau Hall marked the official transfer of power from Trudeau, who had served as caretaker prime minister since announcing his resignation in January. Recent polls show the Liberals narrowing the gap with Conservatives, with Carney's leadership providing new momentum for the party. Some observers expect he may call an early election to secure his mandate.
