It took over three centuries and a Canadian to make it happen, but when Mark Carney was hired as governor of the Bank of England, in 2013, he became the first foreigner to run the institution since it was founded, in 1694. The response to his appointment was rapturous, bordering on parody. The British press alternately called him a banker from “central casting” and a “rock star.” Carney, stepping away from the same position at the Bank of Canada, was just forty-eight years old. He was brought on to modernize the UK’s ossified banking system, and kudos poured in from the left, the right, and the centre. “Mark Carney is the outstanding central banker of his generation,” former chancellor of the exchequer George Osborne told the House of Commons.
Then, Brexit.
From the moment then prime minister David Cameron floated a referendum to leave the European Union, in the early months of 2013, until the day the exit was made law, Carney was increasingly in the spotlight. He was asked, repeatedly, what impact leaving the EU might have on the economy. Tradition dictated that the bank governor remain above the political fray. Carney, however, was blunt in his assessment that the decision could lead to economic disaster — he even worried publicly about the possibility of a “cliff-edge Brexit.” He did not venture this as offhand opinion: he was, after all, governor of the central bank. Nevertheless, this was seen as taking sides. Suddenly, in certain parts of the country and some segments of its media landscape, he went from being Hugh Grant to Hannibal Lecter.
This story is from the July/August 2021 edition of The Walrus.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July/August 2021 edition of The Walrus.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Invisible Lives
Without immigration status, Canada's undocumented youth stay in the shadows
My Guilty Pleasure
"The late nights are mine alone, and I'll spend them however I damn well please"
Vaclav Smil Is Fed Up
The acclaimed environmental scientist is criticizing climate activists, shunning media, and stepping back just when we need him most
It's Time for a Birth Control Revolution
What the pill teaches us about the failure - and future - of women's health care
Would You Watch a Play about Hydro Electricity?
How documentary theatre struck a chord in Quebec
Still Spinning
One record chain has bet big on a new appetite for physical media
Just So You Know, I Love My Mother
In many ways, multi-generational living makes sense. But that doesn't make it easy
Art of the Steal
Why are plundered African artifacts still in Western museums?
Canada in the Middle
What role can we play in easing the war in Gaza?
Canadian Multiculturalism: A Work in Progress
As we mark fifty years since the adoption of Canada’s federal multiculturalism policy, human rights advocate AMIRA ELGHAWABY celebrates its merits and reflects on the work that is yet to be done when it comes to inclusion, acceptance, and fighting systemic racism in our country.