Bank of England Governor Mark Carney elected as First Vice-Chair of European Systemic Risk Board

Mr Mark Carney, Governor of the Bank of England, was elected today as First Vice-Chair of the European Systemic Risk Board (ESRB) by the members of the General Council of the ECB, for a term of five years, in line with ESRB Regulation (EU) No 1092/2010.

He replaces Lord King, who retired as Governor of the Bank of England on 30 June 2013. The ESRB welcomed Mr Carney to the role and expressed its gratitude to Lord King for his contributions to the Board.

The ESRB, which is an independent European Union (EU) body responsible for the macro-prudential oversight of the financial system within the EU, is chaired by the ECB’s President, Mr Mario Draghi. It contributes to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system. The ESRB also contributes to the smooth functioning of the internal market, thereby ensuring a sustainable contribution of the financial sector to economic growth.

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.

In addition to his duties as Governor of the Bank of England, he serves as Chairman of the Financial Stability Board. He is also a member of the Group of Thirty and of the Foundation Board of the World Economic Forum.

Mark Carney was born in Fort Smith, Northwest Territories, Canada in 1965. He received a bachelor’s degree in Economics from Harvard University in 1988. He went on to receive a master’s degree in Economics in 1993 and a doctorate in Economics in 1995, both from Oxford University.

After a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices, Mark Carney was appointed Deputy Governor of the Bank of Canada in August 2003. In November 2004 he left the Bank of Canada to become Senior Associate Deputy Minister of Finance. He held this position until his appointment as Governor of the Bank of Canada on 1 February 2008. Mark Carney served as Governor of the Bank of Canada and Chairman of its Board of Directors until 1 June 2013.