Thursday 4 October 2007

Government Appoints Untested Bank of Canada Governor

Anytime I see the words whiz kid and Bank of Canada Governor in the same sentence I start to worry, especially when the terms refer to the same person. Indeed that is the exact language used on the CBC website news item to describe the Canadian federal government's new appointment to be Governor, a fellow named Mark Carney. He is 42 years old and finished his studies with a doctorate in 1995, which by my arithmetic, gives him about 12 years of work experience. Apparently that qualifies him for the most senior and responsible financial post in the country, one charged with controlling the monetary policy and keeping inflation in check. Where are the accomplishments that have formed his judgement, nurtured his wisdom, taught him when to be cautious or do nothing and when to be firm and bold? Where are the hard times and struggles he has been through that show he knows to persist, that he knows to survive and to keep faith in adversity? Perhaps he will be good or even great but isn't it a kind of big risk? Why does Canada need this now? What was wrong with the bar that it needed raising according to the search committee quoted in the above news item? Carney himself was quoted as saying that the Bank of Canada has one of the best reputations in the world among central banks. Isn't a ''steady-as-she goes'' type of governor what we need, given the satisfactory control of inflation? It's a bit hard to figure what Minister Flaherty was thinking in making the appointment. Huh? ... My investment portfolio is diversified and will remain so.

1 comment:

Y HAT said...

Below is a blurb on Mark Carney from the BoC's web site. He looks pretty qualified.

"Mr. Carney had a thirteen-year career with Goldman Sachs, eventually becoming a Managing Director of the firm. Mr. Carney was Deputy Governor of the Bank of Canada from August 2003 until his appointment as Senior Associate Deputy Minister of Finance in November 2004."

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