Department of Finance Canada in the context of "Mark Carney"

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⭐ Core Definition: Department of Finance Canada

The Department of Finance Canada (French: Ministère des Finances Canada) is a central agency of the Government of Canada. The department assists the minister of finance in developing the government's fiscal framework and advises the government on economic and financial issues. A principal role of the department is assisting the government in the development of its annual budget.

The department is responsible to Parliament through the minister of finance (François-Philippe Champagne since March 2025). The day-to-day operations of the department are directed by the deputy minister of finance (a public servant). Chris Forbes was appointed Deputy Minister of Finance on September 11, 2023.

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👉 Department of Finance Canada in the context of Mark Carney

Mark Joseph Carney (born March 16, 1965) is a Canadian politician and economist who has been serving as the 24th prime minister of Canada since 2025. He has also been leader of the Liberal Party and the member of Parliament (MP) for Nepean since 2025. He previously was Governor of the Bank of Canada from 2008 to 2013 and Governor of the Bank of England from 2013 to 2020.

Carney was born in Fort Smith, Northwest Territories, and raised in Edmonton, Alberta. He graduated with a bachelor's degree in economics from Harvard University in 1987. He then studied at the University of Oxford, where he earned a master's degree in 1993 and a doctorate in 1995, both in economics. He pursued a career at the investment bank Goldman Sachs before joining the Bank of Canada as a deputy governor in 2003. In 2004, he was recruited to the Department of Finance Canada as a senior associate deputy minister. From 2008 to 2013, Carney served as the eighth governor of the Bank of Canada, overseeing Canadian monetary policy during the 2008 global financial crisis. In 2011, he was appointed as chair of the Financial Stability Board, a position which he held for two terms until 2018. Following his term as Governor of the Bank of Canada, Carney was appointed as the 120th governor of the Bank of England, becoming the first non-British citizen to be appointed to the role. He served from 2013 to 2020, leading the British central bank's responses to Brexit and the onset of the COVID-19 pandemic.

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