...and how to fix it
Coverage of the unfolding crisis
Thursday, October 11, 2012
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Mark Carney, the governor of the Bank of Canada, has been named as Euromoney’s Central Bank Governor of the Year for 2012.
Carney will receive his award during a private presentation at the World Bank/IMF annual meetings in Tokyo this week.
In commending Carney for his stewardship of Canadian monetary policy and his role in promoting new global banking regulation, Euromoney says: The governor has rightly earned acclaim in financial and policy circles thanks to his prudent management of Canadas economy and financial markets, and, since November 2011, his force of intellect, personality and persuasive ability as chairman of Basles Financial Stability Board (FSB), where he is sketching the new face of global finance.
Its a testament to Carneys market nous and leadership skills that he now leads the FSB, says Euromoney. He is tasked with the challenge of creating a regulatory system that reduces the prospect of another financial meltdown without choking off capital formation in an already depressed global economy.
The position of FSB chairman has inevitably made him the target of invective from some. However, Carney has held steady, selling reforms to recalcitrant bankers, attempting to build up the FSBs enforcement powers, and navigating between competing global interests.
Carney, in accepting the nomination, says: This honour is really a testament to the dedication of the many colleagues at the Bank of Canada and the Financial Stability Board who are working hard to design and implement policies to improve the lives of our citizens and ensure that the financial system serves the needs of the real economy. As the head of both institutions, I am pleased to accept this award on their behalf.
Euromoney, the worlds leading publication for the global banking and finance industry, has been nominating a Central Bank Governor of the Year award for the past 30 years. The previous three winners of this award were Turkeys Durmus Yilmaz in 2009, Israels Stanley Fischer in 2010, and Zhou Xiaochuan of China last year.
Euromoneys decision is based on three factors: the opinions of a committee of Euromoneys senior editors, which is chaired by Euromoneys editor Clive Horwood; the views of the worlds leading bankers, which we seek out in background meetings; and the analysis of the contributors to our service Euromoney Country Risk (ECR), which has more than 400 economists around the world contributing on a regular basis, as well as data sourced and compiled by ECR.
An in-depth interview with Carney is published in the October issue of Euromoney. Subscribers can access the story online.
Euromoney: Clive Horwood, Editor Chorwood@euromoney.com
Bank of Canada: Jeremy Harrison, Director, Planning and Public Affairs, Bank of Canada firstname.lastname@example.org
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