Mark Carney officially took office as Canada’s prime minister on Friday (March 14) after being sworn in during a ceremony at Rideau Hall in Ottawa.

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Who is Mark Carney?

Carney made history in 2013 as the first non-British person to be appointed Governor of the Bank of England.

Before that, he led Canada’s central bank, the Bank of Canada, where he played a key role in steering the country through the Great Recession. His leadership during that financial crisis gained him significant recognition, ultimately leading to his appointment in the UK.

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Also read: 'Will get straight to work': Mark Carney sworn in as Canada’s new prime minister

Unlike most political leaders, Carney has never held an elected position. Despite this, he won a resounding victory in the race to succeed Justin Trudeau.

As prime minister, he immediately faces pressing challenges, including a growing trade dispute with Canada’s largest trading partner, the United States. Although the next federal election is set for October, reports suggest that Carney might call an early vote.

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Early life and education

Born in Fort Smith, a remote town in Canada’s Northwest Territories, Carney has extensive international experience. He worked for Goldman Sachs in major financial hubs such as New York, London, and Tokyo. He attended Harvard University on a scholarship, where he played ice hockey, before earning a PhD in economics from Oxford University in 1995.

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His transition from the private sector to public service began in 2003 when he joined the Bank of Canada as a deputy governor. He later served as a senior associate deputy minister at the Department of Finance before being appointed Governor of the Bank of Canada in 2007.

Just months later, global markets crashed, slipping Canada into a deep recession. His leadership at the central bank was widely praised for helping the country weather the crisis better than many others.

The man tasked with handling the 'crisis' called Trump

Carney’s time in finance also gave him considerable experience dealing with Donald Trump, who has imposed steep tariffs on Canada since returning to office in January. The US president has even suggested that America should annex Canada.

Also read: ‘Won’t be abused any longer’: Trump vows to ‘win financial battle’ as EU, Canada slap retaliatory tariffs

Reflecting on his ability to handle such situations, Carney said during a leadership debate last month, "I know how to manage crises. In a situation like this, you need experience in terms of crisis management, you need negotiating skills."

(With inputs from agencies)