Monday September 9, 2024 | NANAIMO, BC
Political analysis by Mary P Brooke | Island Social Trends
Finally putting a political puzzle to rest, today the Liberal Party of Canada announced today how former Bank of Canada governor Mark Carney will fit within their midst.
During their Liberal caucus retreat in Nanaimo today, the Liberals announced that Mark Carney will serve as the Chair of the party Leader’s Task Force on Economic Growth.
The party leader is of course long-time Prime Minister Justin Trudeau, who has led Canada’s government since 2015.
The Carney boost:
Calling Carney a “globally acclaimed Canadian economist, public policy leader, sustainability advocate, and author”, the party announced that their new-to-the-fold participant will help the Liberal Party of Canada “develop and shape ideas for the next phase of Canada’s strategy for near- and longer-term economic growth and productivity”.
The Liberals say this strategy will build “on the Liberal government’s work to strengthen the middle class and deliver lower costs for families”. That was something Trudeau has includes in his campaigns since 2015 (though less so in 2019 and 2021).
Bringing in an economist to boost up political talk ahead of the next federal election is both a boost through media but also indicates where the party feels its policy or actions have been lacking.
There is currently no talk of running Carney as a candidate. Liberal fortunes in two upcoming by-elections next week could change that.
Bedrock contributor:
“Throughout his extensive career both in public service and the private sector, Mark Carney’s ideas, deep experience, and proven economic leadership have made a bedrock contribution to a better economic future for all Canadians,” said Trudeau in today’s news release.
“As Chair of the Leader’s Task Force on Economic Growth, Mark’s unique ideas and perspectives will play a vital role in shaping the next steps in our plan to continue to grow our economy and strengthen the middle class, and to urgently seize new opportunities for Canadian jobs and prosperity in a fast-changing world.”
Inflation since the pandemic:
In the years since the COVID-19 pandemic, Canadians faced a period of global inflation with real and higher costs on everyday life.
“Now, Canada has been among the first in the G7 to see inflation coming back down (now at its lowest rate since March 2021), and interest rates are falling. Building on this progress and the strong foundations of the Canadian economy, our work must continue to further lower costs and create new opportunities for Canadian families,” says the Liberal Party in today’s news release.
During the COVID pandemic in 2020, Trudeau was taking guidance from former Governor of the Bank of Canada Minister Mark Carney (who served during former prime minister Stephen Harper’s government 2007-2013, most notably during the financial crisis that hit in 2008 and lasted for many years).
A Harvard and Oxford graduate, Carney served as Governor of the Bank of England during 2013 to 2020.
Task Force on Economic Growth:
While it’s a bit late in the game to be highlighting a need to explore and strategize around economic growth, the task force will look at growth and productivity.
Carney will be expected to help the party “shape a pragmatic, focused, and high-impact vision for Canada’s economic success”.
This will include meetings and events to hear ideas from Canadians in the weeks and months ahead, including foremost experts in the business community, labour movement, Indigenous economic leadership, innovators, and more. Recommendations will be shared in a report with the Leader and Liberal Party’s Platform Committee as the party prepares for the next election.
Opportunities in the new global economy:
“The world is becoming more divided and dangerous, but the hard work of Canadians means we can manage these risks and seize the enormous opportunities in the new global economy,” said Mark Carney.
“Canada’s Liberals have achieved real progress for all Canadians. With a winning growth plan, we can build the strongest economy in the G7 and an even better future for all,” he was quoted in today’s news release.
Carney’s background:
Carney was Chair of the G20’s Financial Stability Board, and has served in various senior roles in Canada’s Department of Finance.
He currently serves as United Nations Special Envoy for Climate Change and Finance, and Chair of the G30 group of leading economists and policymakers.
He continues to have an extensive and varied career in the Canadian and international private sector, and is also the national bestselling author of “Values: Building a better world for all.” published in 2021, saying that economy and society be built based not on market values but on human values.
“Climate change is an existential threat. We all recognize that, and there’s increasing urgency around it,” said Carney on his United Nations web page in 2021.
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