There are exciting developments happening in the life of Mark Carney. He's already receiving widespread praise for his work as the governor of the Bank of Canada, but now he's heading towards something even more exciting: being a guest on the show this month! Mark will be in the red chair on Monday, November 14th. It's no wonder he's been receiving congratulations from around the world today.
Oh, right, there's also that little thing about his being named the new chairman of the Financial Stability Board, making him the G20's point man on global banking regulation, an announcement that was confirmed this morning. It's no CBC talk show, but it's still kind of a big deal. (In case you hadn't noticed, the international banking sector has been receiving some attention these days.)
The job will basically mean that Carney is the guy in charge of kick-starting global banking reform, and convincing banks to accept stricter regulations, in the hopes that the financial crisis that began in 2008 won't be so easily replicated. Carney himself has described his new role as that of a policeman: "Making sure that everybody implements what they've already agreed to do." The G20 founded the FSB to create tougher regulations and monitor the world financial system, making the new boss a sort of sheriff, coming to rein in the outlaws.
"Wow," you might be thinking, "that job sounds terrible. Who would want that responsibility? What are the chances that even the most qualified individual can get those nasty, greedy, fat-cat bankers to fall in line?"
Well, we believe that Carney is the right man for the job. Why? Because he's Canadian.
How does that qualify him? Well, for starters, he's from the country whose banking sector has been the envy of the world ever since the financial crash of 2008. But more importantly, he'll bring to the role of top banking cop the kind of uniquely Canadian characteristics that should serve him well: Be polite but firm. Act as a peacekeeper. Be an honest broker.
And when you need to send a message to an errant player, sometimes nothing works better than a nice, clean and totally devastating body check.