Canada: Ex-Federal Bank boss Carney becomes Trudeau successor

The former central bank boss Mark Carney becomes the new chairman of the ruling liberal party in Canada. This resulted in a vote among party members, the result of which was announced on Sunday afternoon (local time). As the successor of Justin Trudeau the 59-year-old economic expert will also take over the office of prime minister and, as the top candidate of his party, take on in the expected new elections in the second largest area in the world.

In his first speech, Carney left no doubt that he was the aggression plans of US President Donald Trump will counteract as determined as Trudeau. “Canada will never become part of America in any form,” he said shortly after the results of the party vote became known. His nation experienced “dark days, triggered by a country that we can no longer trust”, but you will be able to deal with the challenge, said the 59-year-old.

Carney is also seen as a competent one because he has plenty of experience in national and international crisis management: During the financial crisis, the dog lover who grew up in the province of Alberta in western Canada from 2008 led the central bank of his home country. Carney is also attributed to the relatively good recovery in Canada in the following years. During the Brexit, he was head of the Central Bank in Great Britain until January of this year UN special envoy for climate finance.

Closer cooperation with Europe and Asia planned

The liberal promises a fundamental reform of the economy with tax relief for the middle class and the reduction of bureaucratic hurdles as well as greater promotion of innovation and investments. Carney advocates closer cooperation with Europe and Asia to reduce trade dependency from the USA.

The new Liberal boss could go quickly in new elections

In the coming days, the outgoing Premier Trudeau, with its designated successor, is likely to determine a date for the handover of government transactions and formally withdraw. The new premier may want to adapt the cabinet, with existing ministers in the face of the soon expected new election. The parliament in Ottawa meets again on March 24th. For this day, the opposition plans a vote of no confidence, which should trigger new elections in the coming months.

Carney could also declare his minority government to fail before this date and call for new elections. Tactically, observers see this as possibly clever and proactive train because the liberals recently clearly increased in the surveys.