Fourteen days after winning his party’s leadership election with a centrist campaign, Liberal Leader Mark Carney is banking on the broader Canadian public viewing him as a viable option for “positive” change.
Carney – who has never run in a federal election – is now the leading figure in one for the long-governing party hoping to secure a fourth term.
Not only is he heading into this race hoping to win nationally, the 60-year-old ex-central banker is also vying for his first seat in the House of Commons.
One day before kicking off the campaign, the Liberal party announced what many in Ottawa long speculated, that Carney would be running for a seat in the nation’s capital. Carney is seeking his first ever seat in the House of Commons in the riding of Nepean, which neighbours Poilievre’s long-held riding.
Confirming the news in a post online, Carney said he was “honoured” to seek election in that constituency, and called this election “one of the most consequential in our lifetimes.”
After throwing his hat into the ring to replace Justin Trudeau 10 days after the then-Liberal leader’s resignation, Carney has been buoyed by a bounce in the polls for his party and is now looking to ride that wave under his banner of “Canada strong,” all the way back to Parliament Hill.
Landslide leadership win
On March 9, after maintaining front-runner status throughout the condensed race, Carney clinched his leadership victory decisively. He won with nearly 86 per cent of the vote, handily beating the three other candidates in all 343 ridings.
Nearly 152,000 party loyalists cast a ballot. The vast majority – 131,674 voters – decided Carney was the leader they wanted.
One day after his landslide win, Carney made a point of meeting with the Liberal caucus. That group’s morale just a few months prior was as down as the party was in the polls, but under new leadership they were quick to express optimism about the race ahead.
In Carney’s post-win remarks, he called Liberal MPs “the conscience of our party.” It was a nod to his commitment during the English-language leadership debate to differentiate himself from Trudeau by being “much more of a hands-on” manager, who would talk more with the Liberal caucus.
It was also on the night of his leadership election that Canadians got a closer look at his family, after they stayed relatively out of the limelight during the campaign.
He and his wife Diana – also an economist who is regarded globally as an expert on climate and energy policy – have four children: Cleo, Tess, Amelia, and Sasha. Carney thanked them all in his speech, saying that without their support he wouldn’t be standing there.
“Without your examples, I wouldn’t have a purpose. Without your love, I wouldn’t have the strength that I need for what lies ahead,” he said, after a glowing introduction by Cleo, who described her dad as a hard worker who “shows up,” and cares about this country.
Born in N.W.T.
Carney was born in Fort Smith, N.W.T, but his family moved to Edmonton when he was six.
There, his dad ran for the Liberals federally in 1980 in the riding of Edmonton-South, coming in second to Douglas Roche, a Progressive Conservative.
Both of his parents were teachers, and growing up, he played hockey as a goalie for Laurier Heights, and went to St. Francis Xavier high school.
Carney has three siblings: Brenda, Mark, Sean, and Brian. In a video released by Carney’s leadership team, Brian described them as a “tight knit family.”
At 18, Carney left Alberta for Cambridge, Mass., to study at Harvard University on a scholarship. There, he earned his bachelor’s degree in economics and was a backup goalie for the varsity ice hockey team, before pursuing his master’s and doctorate in economics from Oxford University.
Before taking on his big central bank jobs, Carney spent more than a decade working at the Goldman Sachs investment bank, with stints in New York, Tokyo, and Toronto.
Two-time central banker
Carney’s first job at the Bank of Canada was as deputy governor, a role he took on in 2003 but only kept until 2004, when he moved over the department of finance to become a deputy minister.
He held that position until his appointment as the second-youngest governor of the Bank of Canada, in February 2008.
Carney was widely credited for helping steer Canada though the global financial crisis that played out over his tenure, in a way that saw this country weather the storm comparably better than other countries. Then-prime minister Stephen Harper recently accused the former central banker of taking undue credit though, for his role in managing the economic situation at the time.
During his tenure as Canada’s central banker, Carney called for widespread reforms to the world’s financial system, and took on several high-profile appointments, including chair of the Committee on the Global Financial System, and head of the Financial Stability Board for the G20.
He was also named one of the world’s 25 most influential leaders by Time magazine in 2010 — the only central banker on the list otherwise occupied by figures such as Barack Obama.
“Central bankers aren’t often young, good-looking and charming, but Mark Carney is all three — not to mention wicked smart,” the magazine wrote.
“The ex–Goldman Sachs banker, who isn’t afraid to crack a joke or roll his eyes, has also been warning Canadians not to take on too much personal debt, since levels in the country have been rising — the sort of straight talk one rarely hears from a person whose job it is to juice the economy.”
Carney’s five-year term as governor of the Bank of Canada ended on June 1, 2013.
A month later he took on the same role at the Bank of England, becoming the first foreigner to be named governor of that institution in its more than three-century-long history. During his time in London, Carney steered the United Kingdom’s economy through Brexit and the economic and political crises that came after.
Carney — an officer of the Order of Canada since 2014 — later agreed to stay on at the helm of the Bank of England for two extra years, to help ease the Brexit transition.
Carney’s coming out as a Liberal
Speculation around Carney entering federal politics has swirled for many years, predating the current government. But it was a series of advisory positions Trudeau placed him in that helped ramp up the rumours.
Amid the global health crisis of COVID-19, in August 2020 Trudeau tapped Carney to serve as an “informal adviser” on the government’s pandemic recovery plan. That year he also began serving as the UN Special Envoy for Climate Action and Finance.
Then, in April 2021 Carney delivered a keynote speech at the Liberals’ policy convention that has been characterized as his political coming-out, as he declared his support for the Liberal Party of Canada.
“To me, humility means recognizing the great good fortune that I’ve had growing up and the responsibility of service that comes with that,” Carney told Liberals at the virtual convention.
“And that’s why I’ll do whatever I can to support the Liberal party in our efforts to build a better future for Canadians.”
A month later – in what now could be looked at as a potential preview of a debate showdown between them – Pierre Poilievre and Carney squared off during an acrimonious House of Commons committee hearing.
Testifying as vice-chair of Brookfield Asset Management as part of a study into the economic recovery from COVID-19, Carney advocated for Parliament to avoid structural deficits, and quickly faced a barrage of questions from the then-Conservative jobs critic.
Also in 2021, Carney published his book, “Value(s): Building a Better World for All,” focused on how to “build an economy and society based not on market values but on human values.”
Carney had another book due for release in May. Titled “The Hinge: Time to Build an Even Better Canada,” it was set to outline Carney’s ideas for a path forward. But publisher Penguin Random House Canada confirmed the book’s publication date has “shifted,” without offering specifics on if, or when it could hit shelves.
Between rounds of chatter that Carney was coming into replace Chrystia Freeland as finance minister over the summer and late fall, Trudeau announced in September 2024 that he’d be the new chair of a new Leader’s Task Force on Economic Growth.
“Throughout his extensive career both in public service and the private sector, Mark Carney’s ideas, deep experience, and proven economic leadership have made a bedrock contribution to a better economic future for all Canadians,” Trudeau said at the time.
Then, as the Liberal caucus grew increasingly unsure about Trudeau’s electoral longevity and Nanos Research surveys started to show Carney consistently among the top preferred options for a new leader, chatter ramped up about him running to replace the prime minister.
It was around this time the Conservatives started to try to get out ahead of his rise, slapping him with the monikers carbon tax Carney” or “canape Carney” in an effort to frame him as an elite Liberal gatekeeper.
But, while his rise to power was swift, it could be short lived. As the first unelected prime minister, Carney will now be spending the 37-day campaign pitching Canadians on why he should keep the job he’s held for just days.
Five questions with Liberal Leader Mark Carney
What has inspired you this year?
Canadians standing together in support of our workers, being loud and proud about their patriotism - choosing to buy Canada.
What was the last book you’ve read?
“Foster,” by Claire Keegan.
What is your drink of choice?
Dry cappuccino.
What is your favourite made-in-Canada product?
Seal skin gloves gifted to me at the G7 in Nunavut (2010).
Who do you call first with good news?
My wife, Diana.
With files from CTV News’ Stephanie Ha and Rachel Hanes
