Mark Carney, Bank of England governor's 'unreliable boyfriend'

Former Bank of England governor Mark Carney is currently running for leadership of the Liberal Party in his native Canada. What does his experience in London teach us?

Mark Carney took over in 2013, becoming the first non-British person in the Bank of England's more than 300-year history.

Previously, he worked at investment bank Goldman Sachs and served as governor of the Bank of Canada.

He took over the role in 2008, just months before the peak of the financial crisis, and his success in the role paved the way for his move to London.

He has long-standing ties to Britain, having studied for two degrees at Oxford University and marrying a British woman.

While working at the bank's headquarters in Threadneedle Street, he witnessed dramatic changes in the way the bank operated. At the start of his tenure, the central bank assumed responsibility for financial regulation following the abolition of the Financial Services Authority.

He is credited with modernizing the bank and appears in the media more frequently than his predecessor.

In 2015, the central bank reduced the number of interest rate meetings from 12 to 8 per year and began to publish meeting minutes at the same time as it announced interest rate decisions.

When he took office, interest rates remained at historically low levels, but he introduced a policy of "forward guidance" in which the central bank would commit not to raise rates until the unemployment rate fell below 7% to further support the economy and encourage lending.

Confused about the policy, one lawmaker likened him to an "unreliable boyfriend," a nickname that stuck long after the initial controversy died down.

Unlike his predecessors, who generally kept a low profile, he made controversial interventions ahead of two major constitutional referendums.

In 2014, he warned that an independent Scotland might have to hand over power to the UK if it wanted to continue using the pound.

Ahead of the Brexit referendum, he warned that the vote could trigger an economic recession.

Shortly after David Cameron resigned as prime minister over the EU referendum, he addressed the nation in an attempt to reassure the nation that the financial system would function normally.

He called it the "toughest day" of his job but said the central bank's contingency plans were working.

The central bank then lowered interest rates from 0.5% to 0.25% and restarted its quantitative easing program to support the economy.

The last week of March 2020 saw the start of the worst phase of the coronavirus pandemic - with the Bank of England cutting interest rates by 0.5% to support the economy, with Mr Carney telling the nation that the economic impact "should be temporary".

His time at the Bank of Canada also gives him extensive experience dealing with Donald Trump, experience that will be useful if he becomes Canada's prime minister.

From 2011 to 2018, he served as chairman of the Financial Stability Board, where he coordinated the work of regulators around the world, giving him a key role in the global response to President Trump's first term.

He is a frequent attendee of the Group of Twenty (G20) meetings and has a positive view of Trump's attempts to disrupt the international order.

He is also known as a champion of environmental sustainability. In 2019, he became the United Nations Special Envoy on Climate Change, and in 2021 he founded the Glasgow Net Zero Financial Alliance, an organization of banks and financial institutions committed to combating climate change.