Former Central Banker Favoured to Replace Trudeau as Canada’s Prime Minister

OTTAWA, March 9, 2025 (BSS/AFP) – Canada’s Liberal Party appeared set on Sunday to select a former central banker and political outsider as its new leader, replacing Prime Minister Justin Trudeau, who is facing growing challenges from US President Donald Trump.

Mark Carney, who served as the governor of both the Bank of Canada and the Bank of England, is widely expected to be named the new Liberal leader when results from a vote involving around 400,000 party members are announced later on Sunday.

The main challenger to Carney is Chrystia Freeland, Trudeau's former deputy prime minister, who held various senior cabinet roles in the Liberal government since its election in 2015.

Whoever wins the leadership contest will succeed Trudeau as prime minister but will soon face a general election, where current polls suggest that the rival Conservative Party holds a slight edge.

Carney has secured numerous endorsements, including from much of Trudeau’s cabinet, while a Freeland victory would be a surprise for the Liberals as they approach the upcoming election.

Although Freeland dramatically parted ways with Trudeau in December, analysts argue that voters continue to associate her with his unpopular record.

Both Carney and Freeland have emphasised their readiness to protect Canada from Trump's aggressive stance.

The US president has frequently discussed the idea of annexing Canada and has disrupted bilateral trade—crucial to Canada's economy—through unpredictable tariff actions since assuming office.

'The Most Serious Crisis'

Carney, an experienced economic manager, highlighted his credentials, noting that he led the Bank of Canada during the 2008-2009 financial crisis and guided the Bank of England through the economic uncertainty following the 2016 Brexit vote.

"Trump is attacking what we build. He is attacking what we sell. He is attacking how we earn our living," Carney told supporters at a rally near Toronto on Friday.

"We are facing the most serious crisis in our lifetime," he added. "Everything in my life has prepared me for this moment."

Polls conducted by the Angus Reid firm earlier this week show Canadians view Carney as the preferred choice to confront Trump—a quality that could give the Liberals an edge over the Conservatives. Forty-three percent of respondents trusted Carney the most to deal with Trump, compared to 34 percent for Conservative leader Pierre Poilievre.

However, most polls still predict the Tories as the favourites to win the general election, which must be held by October, but could occur in the coming weeks.

A Political Outsider?

Carney made a fortune as an investment banker at Goldman Sachs before entering the Canadian civil service. Since leaving the Bank of England in 2020, he has worked as a United Nations envoy, encouraging the private sector to invest in climate-friendly technology, and has also held roles in the private sector.

He has never served in Parliament or held elected office.

Analysts warn that his lack of political campaigning experience could be a disadvantage against the Conservative Party, which is already running attack ads accusing Carney of flip-flopping on positions and misrepresenting his experience.

The 59-year-old has positioned himself as a fresh voice untainted by Trudeau’s leadership, criticising the outgoing prime minister for failing to focus enough on building Canada’s economy.

On Friday, Carney said Canadians "from coast to coast" were calling for change and referred to himself as a political outsider.

"It’s getting to the point where after two months I may have to start calling myself a politician," he joked.

Trudeau has stated that he will facilitate a transition of power once the new Liberal leader is in place but has refrained from giving a precise timeline.

When ready, both leaders will meet with Canada’s Governor General Mary Simon—the official representative of King Charles III in Canada—who will ask the new Liberal leader to form a government.

Depending on the timing of the general election, the new prime minister could hold the role for just a few weeks before a broader vote takes place.

Supplementary Information:
Mark Carney’s leadership bid has gained significant traction due to his experience in global financial institutions, positioning him as a competent figure to guide Canada through international economic uncertainty, particularly in relation to the volatile US-Canada trade relations under President Trump. However, the untested political background of Carney remains a topic of debate, with critics questioning whether his outsider status could hinder his effectiveness in handling the complexities of Canadian domestic politics. The upcoming election is expected to be pivotal in determining the future direction of Canadian politics, with both the Liberal and Conservative parties jockeying for power amid growing dissatisfaction with Trudeau’s leadership.