Mark Carney: Canada’s Man of the Hour?

Illustration by Will Allen/Europinion

Unprecedented attacks on Canada’s sovereignty by US President Donald Trump – threatening to make the country America’s 51st state and imposing punishing economic tariffs – have coincided with the collapse of the Trudeau government after nearly a decade in power. With Canadians already grappling with skyrocketing living costs, a growing sense of national crisis is taking hold.

If Canada is facing a crisis, it has received a new Prime Minister whose career in public office thus far has been defined by navigating them. 

Mark Carney, who became Prime Minister of Canada on March 15 2025 after being soundly elected Leader of the incumbent Liberal Party, has never held elected office before assuming the Premiership. Nevertheless, his background reveals a long history of leadership at crucial times. 

Carney was appointed Governor of the Bank of Canada in 2008, just in time for the global financial crisis, previously serving as Deputy Governor from 2003 to 2004. After guiding Canadian monetary policy during this challenging period, in which Canada’s economy held up remarkably well compared to other G7 nations, he was voted “Most Trusted Canadian” by editors from Reader’s Digest. 

Eventually, Carney was recruited by the Bank of England, becoming Governor in 2013, and presided over a similarly turbulent term; he led the Bank during the Scottish independence referendum, the entire Brexit process and the initial stages of the COVID-19 pandemic. 

Carney was the first foreigner to run the Bank of England in its 300-plus-year history. Atypical of Governors, he maintained a notably public profile throughout his tenure, touring the country in a fashion more befitting of a politician. He was routinely accused of politicising the Bank due to his willingness to express his personal opinions on political topics, namely his tendency to promote action on climate change and calls for “inclusive capitalism”. Above all, Carney’s vocal opposition to Britain leaving the European Union and his warnings against a No-Deal Brexit led to him being attacked as the “High Priest of Project Fear” by Conservative MP Jacob Rees-Mogg. 

So, how will Carney govern?

The new Prime Minister must turn to Europe. Ottawa can no longer rely on Washington, and should rethink its foreign policy by strengthening its alliances with more reliable partners. Additionally, reaffirming these alliances offers Canada clear geopolitical advantages when American leadership on the world stage appears uncertain. 

There are already signs of this “European turn.” Carney chose Paris and London for his first foreign visits since taking office – a deliberate gesture underscoring shared historical ties and values. This is a not-insignificant move. Canadian Prime Ministers have traditionally made Washington their first port of call, reflecting the long-standing consensus that the United States is Ottawa’s closest and most trusted ally. 

Instead, Carney has emphasised Canada’s strong connection with its two founding nations. During his swearing-in ceremony, Carney reflected on Canada’s history as a country built on the bedrock of the French and British, as well as Indigenous peoples. Likewise, when speaking with President Emmanuel Macron, Carney remarked that Canada is “the most European of non-European countries”.

Those disappointed with Trudeau’s lofty promises yet limited successes in climate action will hope the ascension to power of a former UN Climate Change Envoy translates into a more substantial commitment to environmental action. Carney’s outspoken record on ecological reform has seen him dubbed a “climate radical” and “global evangelist for green investment”. 

So far, Carney has tackled the issue wisely; his first act in office was to eliminate Trudeau’s extremely unpopular consumer carbon tax, which not only culled the central attack line of the Conservative Party’s “Axe the Tax” campaign but also allowed the new Liberal leader to distance himself from Trudeau’s political baggage. Widely viewed as ineffective and divisive, the tax placed a financial burden on consumers already grappling with rising costs elsewhere. Carney has instead signalled that, under his climate strategy, the burden will shift to corporate polluters. 

Carney’s lack of political track record makes it difficult to gauge what his wider ideological platform will be. Canadians should note that his frequent shifts in policy direction as Governor of the Bank of England earned him the nickname “the unreliable boyfriend”. 

Whether Carney will have the opportunity to govern for long remains uncertain. Amid mounting pressure from opposition parties threatening to force an early vote, the Prime Minister called a snap election for April 28. He has, however, overseen a striking reversal in the polls: at the time of Trudeau’s resignation, Pierre Poilievre’s Conservatives held a 24-point lead. As of March 24, that advantage has evaporated, with some surveys now projecting another Liberal victory.

The Liberal Party, back from the dead? Illustration by Will Allen/Europinion

Eventually, inevitably, the dispute with Trump will define Carney’s tenure. The relationship is too important, with Canada-US trade making up ten times the rate the country trades with Britain and the European Union combined. Notably, Carney has taken a hard line on Trump and, upon announcing the election, he stated, "I am asking Canadians for a strong mandate to confront President Trump”, having previously warned Americans that “in trade, as in hockey, Canada will win”.

Ironically, Trump’s attacks may result in Carney’s continuation as Prime Minister. A recent poll shows that Canadians believe Carney is better equipped to deal with Trump than Poilievre, while Carney has pushed the idea that Poilievre is too ideologically similar to Trump to stand against him. 

Whether Carney is remembered as the leader who stood up for Canadian sovereignty, or as a footnote in Trump’s hostile anti-Canadian rhetoric remains to be seen.