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Canadian to the rescue of the UK

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  • User profile image
    Proton2

    No, not me silly. It's Mark Carney, governor of the Bank of Canada, who will be Bank of England governor starting July 1.

    What's a Canadian doing with the second most powerful job in the UK?

    http://news.ca.msn.com/top-stories/mark-carney-named-bank-of-england-governor

     

  • User profile image
    Maddus Mattus

    Ex Goldman Sachs no?

    The plot thickens.

    Now, where is my tinfoil hat?

  • User profile image
    Ian2

    Damn, I was hoping Shatner would get it.

  • User profile image
    Dr Herbie

    I read about this one last night -- this was the first time the post was 'open' to job applicants answering an advert, rather than just chosen from a hand-picked shortlist.  Carney was widely agreed to be the best candidate for the job (Canada hasn't been as badly affected by the recession as most other countries) and so was hired -- sounds like an improvement on the 'old boy network' that seems to dominate these positions in the UK.

    Carney has links to the UK (British wife, spent a few years working here), so he already has some contacts in the UK banking industry.

    Herbie

     

  • User profile image
    evildictait​or

    Second most powerful job after what? The Archbishop of Canterbury?

  • User profile image
    Harlequin

    Does the Bank of England job have the ability to help write laws? Canada survived the global meltdown because of it's banking laws.

  • User profile image
    Maddus Mattus

    , Harlequin wrote

    Does the Bank of England job have the ability to help write laws? Canada survived the global meltdown because of it's banking laws.

    Those laws are so good, that the government felt the need to bail the banks out.

  • User profile image
    blowdart

    OK right. Just no. No damned thread drift. I'm getting fed up with certain folks initiating thread drift and repeating the same statements over and over and over and over again.

    So keep it on topic, and stop highjacking threads to push your own political agenda.

  • User profile image
    Proton2

    , evildictait​or wrote

    Second most powerful job after what? The Archbishop of Canterbury?

     

    Prime Minister.

  • User profile image
    blowdart

    , Proton2 wrote

    *snip*

     

    Prime Minister.

    It's a plot. He'll be so enamoured with Her Majesty's head on the notes and coins when he goes back to Canada he'll start a campaign to get it back on Canadian notes. After all, the queen still owns Canada. Except for Quebec, but who would want that bunch of weirdos anyway?

  • User profile image
    cbae

    @blowdart: I want to try poutine.

  • User profile image
    Proton2

    , Harlequin wrote

    Does the Bank of England job have the ability to help write laws? Canada survived the global meltdown because of it's banking laws.

    A couple of main points with regards to Canada (I don't know how similar it is to England):

    1. Who is responsible for monetary policy?                   

    The inflation-control target — one of the two cornerstones of Canada's monetary policy — is set jointly by the Bank and federal government. However, the day-to-day administration of monetary policy is the responsibility of the Bank's Governing Council, composed of the Governor, Senior Deputy Governor, and Deputy Governors.

    The Bank of Canada Act requires regular consultations between the Governor and the Minister of Finance on the direction of monetary policy. If a profound disagreement were to occur between the Bank and the government, the Minister of Finance could issue a written directive to the Governor specifying a change in policy. This would most likely result in the Governor's resignation. However, such a directive has never been issued.

    2. How does the Bank of Canada implement monetary policy?                   

    The Bank implements monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate (also known as the key policy rate.) This is the interest rate at which major financial institutions borrow and lend one-day (or overnight) funds among themselves.

    http://www.bankofcanada.ca/about/faq/

  • User profile image
    Proton2

    , cbae wrote

    @blowdart: I want to try poutine.

    Poutine, for better or worse, is found throughout Canada now, not just in Quebec.

  • User profile image
    Proton2

    , blowdart wrote

    *snip*

    It's a plot. He'll be so enamoured with Her Majesty's head on the notes and coins when he goes back to Canada he'll start a campaign to get it back on Canadian notes. After all, the queen still owns Canada. Except for Quebec, but who would want that bunch of weirdos anyway?

    "He will be a youthful 53 when he's done and could yet return in triumph (presuming he saves the world in the meantime) to run for the Liberals — or conceivably, even the Conservatives."

    http://fullcomment.nationalpost.com/2012/11/26/john-ivison-on-mark-carney-canada-just-lost-one-of-its-best-and-brightest/

     

  • User profile image
    blowdart

    , Proton2 wrote
     

    The inflation-control target — one of the two cornerstones of Canada's monetary policy — is set jointly by the Bank and federal government. However, the day-to-day administration of monetary policy is the responsibility of the Bank's Governing Council, composed of the Governor, Senior Deputy Governor, and Deputy Governors.

    The Bank of Canada Act requires regular consultations between the Governor and the Minister of Finance on the direction of monetary policy. If a profound disagreement were to occur between the Bank and the government, the Minister of Finance could issue a written directive to the Governor specifying a change in policy. This would most likely result in the Governor's resignation. However, such a directive has never been issued.

    Pretty much the same. If the Bank fails to keep inflation under a set rate they have to go explain it to the government

  • User profile image
    JohnAskew

    , cbae wrote

    @blowdart: I want to try poutine.

    Poutine is a Quebec dish, made with french fries, topped with brown gravy and curd cheese. Sometimes additional ingredients are added.

    Big Smile

    In these parts, we give these type dishes local names: "Cardiac Arrest", "Heart Stopper", "Artery Cement"...

    ?? How can the Queen own non-French Canada? What's that angle? I realize Canada was territory once...

  • User profile image
    JohnAskew

    , Proton2 wrote

    *snip*

    "He will be a youthful 53 when he's done and could yet return in triumph (presuming he saves the world in the meantime) to run for the Liberals — or conceivably, even the Conservatives."

    Expressionless     What does that mean? Isn't Two-Face one of Batman's villans? I'm so confused.

  • User profile image
    Proton2

    @JohnAskew: First question: The Queen (monarch) is the symbolic head of Canada and has no real powers and doesn't really own any part of Canada.

     

    Second Question: Currently there is no leader of the Liberal party, just an interm leader until one is selected sometime later this year. Before the son of Pierre Trudeau entered the race, there was some speculation that Mark Carney might run for leader. Since liberal and Conservative parties in Canada are close to the center, Carney could fit in to either party.

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