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A general view of the Bank of Canada building in Ottawa. The Bank will make an interest rate announcement on Tuesday.
A general view of the Bank of Canada building in Ottawa. The Bank will make an interest rate announcement on Tuesday.
(BLAIR GABLE/REUTERS)

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Carney a fine captain, but he didn’t build the ship

Mark Carney’s surprise appointment as head of the Bank of England has demonstrated the breadth of his fan club. Commentators around the world are lauding the Bank of Canada boss’s impressive résumé and list of achievements. The phrase “best central banker in the world” keeps coming up.

Certainly, Mr. Carney deserves applause for keeping Canada on an even keel over the past four years, as much of the world’s financial system crumbled around it. And there’s no disputing that Mr. Carney is an immensely talented, intelligent, charismatic and committed central banker, who has seized leadership on a global stage at a time when the global financial community sorely needed leaders.