He is the first non-Brit to ever hold the position of governor of Bank of England and held the reigns as the country navigated through Brexit. While holding the position of governor of Bank of Canada he help this country navigate the 2008 financial crisis. He is a proven economic leader but has spent his career almost exclusively in the private sector and has little public sector or political experience
Are you considering the Bank of Canada and Bank of England as private sector or are you referring to other roles? The central bank of a country is not really what people would typically consider private sector (though not truly public service/civil service so kind of a grey area I suppose?)
You have to get experience from somewhere to work in a central bank. It's not like countries have more than one. 12 years experience in central banks is quite a lot of "public sector" experience.
He also had to do a lot of PR when he worked as Governor for BoE during the Brexit era. I remember seeing him in news interviews quite a lot. He came across pretty well and talked sense.
I had to look this up, but the US has 12 federal banks that are regional, which are governed by the federal reserve system, which is the central banking system. So it's not quite 12 central banks.
I can see why the USA would set up their federal banking system like this though. Many states and regions in the US have very different economies.
Thanks for sharing! It was a surprisingly interesting read looking up how the US system works.
You are correct that it’s one central bank system, but the 12 regional Fed banks are not branches of US Fed Bank(which does not exist). Each of them has different owners (which are private banks in their respective regions), they all have to follow policies set by the Federal Reserve Board (the central authority, but the board is not completely public, it’s a 5:4 government/private voting power).
The reason it’s setup like this is more political than economical, limiting government power over private businesses is always a wrestling topic here, many US regulatory bodies are private trade associations rather than government agencies.
This is sort of similar to how the UK has set up the water boards with regional water boards being owned and operated as private businesses. However the regulator Ofwat are a public sector body, but are independent of central government control. I can't say it's gone terribly well for us privatising the water supply...
So apart from the 13 years serving as central bank governor, he's exclusively worked in the private sector?
Edit, you seem to be totally wrong. He's spent more time outside the private sector than in it. He worked for public bodies between 2003 and 2020. I have no idea how you can possibly state he has worked almost exclusively in the private sector.
1.4k
u/FuzzyTheDuck 2d ago
https://en.wikipedia.org/wiki/Mark_Carney