Mark Carney, an ex-investment banker, who governs Canada’s central bank, will take over the post of Governor of the Bank of England in July, as per a proclamation of the British government on Monday through Chancellor George Osborne.

The proclamation of Chancellor George Osborne, presented to the Parliament, has surprised many financial experts as it symbolises a departure from British tradition. The country has, conventionally, chosen figures of the British establishment to be Governor of the Bank of England.

The announcement that Mark Carney will occupy the governorship of the Bank of England brings with it the likelihood that the Bank of England’s inward-looking culture will be altered at a time when the bank is acquiring new regulatory powers in the UK.

Mark Carney had previously declined requests to become the chief of the Bank of England. The bank’s current Governor, Sir Mervyn King, who will exit the post next June, has remarked that Mark Carney is an excellent choice for the post. Carney epitomised a new generation of headship for the Bank of England, voiced Sir Mervyn King.

George Osborne effusively lauded the banking expertise of 47-year-old Mark Carney, voicing that Carney was regarded as the outstanding central banker of his generation. During his time as Governor of Canada’s central bank, Mark Carney had been analysed as a man, who had weathered the economic recession better than any other principal Western economy.

George Osborne has expressed to the Parliament that Mark Carney would benefit the Bank of England with his strong leadership and external experience. Understandably, the Conservative Chancellor also remarked that Mark Carney would apply for British citizenship.

Mark Carney, whose wife is a dual national of the UK and Canada, has declared that he is honoured to embrace this new demanding role at a pivotal phase for European, British and global economies.

Shadow Chancellor Ed Balls has greeted the appointment of Mark Carney as a good selection and judgement.

The position of Governor of Bank of England is hugely important for the management of the UK economy and brings with it several responsibilities.

Related:
FSA letters reveal Barclays ‘misbehaviour’ over many years
Bob Diamond likely to face MPs inquiry again
Commons declines judicial inquiry into rate-rigging scandal