UK courted Carney for renown, expertise

The appointment of Mark Carney as the new leader of the Bank of England is nothing short of historic, says Martin Wolf of Financial Times.

He says it’s both a surprise and gamble on the part of UK, since Carney didn’t lobby for job and since they’re letting “a foreign national [assume] a job that is inescapably political.”

He also warns Carney faces three major challenges; the most significant of which is the UK is in dire financial straits. Read more on what Carney faces in coming years.

But the UK isn’t the only country facing a tough road ahead. Though Carney helped boost Canada during the 2008/09 recession, our growth has slowed and will continue to stagnate in 2013.

In a report released today, the OECD said the next Bank of Canada governor may have raise interest rates to stimulate the economy.

Read: Rise above low interest rates

In recent news, Financial Times also commented on the secret courting of Canada’s favourite financial superstar.

It says Chancellor George Osborne of the House of Commons called Carney “the best, most experienced and most qualified person in the world to do the job,” and that he was always the favoured candidate.

Though Canadians were most surprised by Carney’s move since he publicly denied any interest in the position, Financial Times says Osborne swayed him during the G20 meeting in Mexico. Read more.

Also read:

10 facts about Mark Carney

Carney calls for radical reforms

Corporate Canada failing to drive growth: Carney

Are Canadians heeding debt warning?