Praise the Lord, we’re saved! The man with all the answers is coming! Mark Carney is carrying almost as heavy a weight of expectation as one Barack Obama did four long years ago. He’s in line for the Nobel peace prize (banking division) before he even starts.

However, it’s worth remembering that, like everyone else, he’s needed a bit of luck. Canada was never the epicentre of the brave new world of casino banking. Its major institutions never expressed a desire to play against the big boys in the exotic capital markets. It didn’t have a property boom (well, apart from a few hot spots) and it was a huge beneficiary of the commodities cycle.

Since the crisis, its major trading partner south of the border has recovered far better than, say the eurozone. All-in-all, then, he has been in the right place at the right time. And what are we to make of a BoE governor who robustly denies that he’s going to do something, and then does it?

Advertisements