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Former Central Bank Governor Mark Carney Takes Office as Canadian Prime Minister
Mark Carney has taken office as the new prime minister of Canada, following a decisive victory in the country’s federal election. In his inauguration speech, Carney emphasized his commitment to addressing the ongoing trade tensions with the United States and the need for Canada to remain steadfast in its pursuit of economic sovereignty.
As a former central bank governor, Carney has extensive experience in monetary policy and international finance. During his time as the Governor of the Bank of England, he was vocal about the potential risks associated with the rise of cryptocurrency markets. In an interview, Carney warned that recreating a virtual global gold standard would be a “criminal act of monetary amnesia.” He also criticized Bitcoin’s stability, stating that it is not suitable for everyday transactions.
Despite his earlier criticism of Bitcoin and cryptocurrencies, Carney has connections to the fintech world. As a board member at payments processor Stripe from February 2021 to January 2025, he supported various crypto payment solutions. This apparent inconsistency has raised eyebrows among experts and supporters alike.
In his first remarks as prime minister, Carney addressed international economic concerns, specifically calling out US President Donald Trump for imposing tariffs on Canadian goods. He announced that Canada will continue to retaliate with its own tariffs until the Americans show “respect.” He also reaffirmed his commitment to preserving Canada’s sovereignty, stating categorically that it will never be part of the United States.
Climate action has been a central focus of Carney’s career. As the UN Special Envoy for Climate Action and Finance in 2019, he advocated for financial sector investment in net-zero emissions. He also proposed shifting the carbon tax burden from consumers to large corporations, which would incentivize companies to reduce their carbon footprint.
As prime minister, Carney faces multiple challenges, including navigating trade tensions with the US and preparing for federal elections later this year. In his victory speech, he used a sports metaphor familiar to many Canadians, stating that “in trade as in hockey, Canada will win.”
The new prime minister has already taken steps to distance himself from his previous life by renouncing his UK and Irish citizenships, clearing the way for him to focus fully on his duties.
