Bank of Canada Governor Mark Carney waits to address the Canadian Club iThursday, November 8, 2012 in Montreal.Ryan Remiorz/The Canadian Press
We asked readers to tell us what they think Mark Carney will be remembered most for during his time at the helm of the Bank of Canada. Here are some of their responses. You can leave yours in the comments.
He'll be remembered for helping steer the Canadian economy through the U.S. financial crisis with minimal damage. Specifically, the Bank's conditional commitment to keep the overnight rate at 1/4 per cent for an extended period of time will likely be emulated elsewhere.
Greg Tkacz, Antigonish, N.S.
The real hero of Canada's banking system and the country's ability to weather the recession was Paul Martin. Mark Carney was simply a steward of policies already set in motion by the former PM and once Finance Minister. There is nothing particularly remarkable about his tenure, except that he was lucky.
Kevin Hanna, Waterloo, Ont.
Mr. Carney will be recognized for keeping inflation and currency value under control, as well as providing clear messages to Canadians to manage their spending and reduce their personal debts by living within their means.
Andrew Gregory, Edmonton
Mr. Carney's time at the helm was that of a very steady, capable hand in charge of steering our ship through the recession. Confident, capable and skilled.
James Suttie, North Vancouver, B.C.
Nothing - he kept rates low when it was the most obvious thing to do. He's leaving just in time to avoid the real work i.e. When the Canadian economy starts to grow faster than the U.S. and BoC policy isn't as straightforward.
Diego Torres, Mississauga, Ont.
Mark Carney is not the first BoC governor to have a strong grasp of policy and the technical side of macro-economics, but he is the first to inspire and excel because of his communication skills, addressing issues earnestly with a unique wit and sense of humour. His predecessors were often distinct in their inability to communicate, saying virtually nothing in some cases or rambling in verbose and incomprehensible terms in other cases. Carney has set a new standard that will be nearly impossible to match.
Kevin O'Neill, Burlington, Ont.
Presiding over the greatest credit bubble in Canadian history, and responsible for a generational misallocation of resources - our economy will pay the price for decades to come.
Sean McGrath