OTTAWA – Bank of Canada governor Mark Carney has been named the 21st most influential person by the prestigious Time magazine.
“Central bankers aren’t often young, good-looking and charming, but Mark Carney is all three – not to mention wicked smart,” the magazine says in its latest edition.
“As the head of the Bank of Canada, Carney, 45, had the good fortune of presiding over a banking system that didn’t need a single bailout. Now that the world’s richest nations are working to co-ordinate new financial rules, Carney is clamouring to stay focused on the causes of the crisis – like banks not holding enough capital and Western consumers spending too much – instead of getting distracted by populist zeal.”
Carney has been widely credited for helping Canada weather the recession by keeping interest rates low and helping to generate a solid recovery.
As well, the Bank of Canada’s cash infusions and other credit-stimulating moves last year helped the Canadian banks weather the credit crunch that squeezed many countries. The Big Five banks are among the strongest financially in the world and continue to post solid profits, while many of the world’s banks produced multibillion-dollar losses during the recession.
Carney is the second Canadian official who has received international recognition in large part because of the the country’s ability to withstand the global financial meltdown.
Last year, Finance Minister Jim Flaherty was named finance minister of the year by a European publication.
On Time’s list, Brazilian president Luiz Inacio Lula da Silva took top spot, reflecting the increasing impact of South America’s largest and rapidly economy.
U.S. President Barack Obama placed fourth.