The former central banker takes a tentative step toward entering the political ring, but finds himself buffeted once again by forces outside his control
Former Bank of Canada governor Mark Carney leaves after speaking to reporters at the Liberal caucus retreat in Nanaimo, B.C., on Sept. 10.Bank of Canada governor won international plaudits in the aftermath of the 2008 financial crisis, the then-46-year-old was already being touted as the next leader of the federal Liberal Party – the person who would return the flailing Grits to glory.
Mr. Carney, a serious economic thinker who had been developing a long list of policy prescriptions for green growth, would likely have ended up as frustrated as Mr. Morneau became with the Trudeau government’s overemphasis on income redistribution and underemphasis on wealth creation. Better for him to remain on the sidelines until there was an opening at the top.
From Mr. Trudeau’s standpoint, the move neutralizes Mr. Carney as a critic of his government’s economic policy and, at least nominally, makes him an architect of it. As such, it publicly ties Mr. Carney to an unpopular government, if not a sinking ship, without giving him any decision-making authority.
It must be supremely frustrating for “one of the country’s most impressive economic minds,” as the Toronto Star called him this week, to watch the current government lurch from one economic-policy failure to another when the right course to follow seems so obvious to him. After all, he wrote
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