Photo: The Canadian Press / Alamy Stock Photo
Former banker and newly minted Prime Minister of Canada Mark Carney has made a political breakthrough by leading the Liberal Party to a surprise victory in the national election, winning a rare fourth term for the party. Just three months after entering electoral politics, Carney became the country’s new leader, promising Canadians to stand up to US President Donald Trump and revive the stagnant economy. The New York Times reports.
Carney, who previously headed the Bank of Canada and the Bank of England, used his economic expertise as a key argument in the election campaign. He convinced voters that he was the right man to protect Canada’s interests in the face of a potential trade war with the United States, its closest ally and economic partner. However, the new prime minister now faces the challenge of not only delivering on these ambitious promises, but also doing so quickly, as the country emerges from a long period of political instability.
The path to power
Carney’s victory came after his predecessor, Justin Trudeau, announced his resignation in January 2025 after ten years as prime minister. This opened up a rare opportunity for Carney, who won the Liberal Party leadership election in March and subsequently became prime minister. However, along with the position, Carney also inherited a number of internal problems that need to be addressed immediately.
Canada’s parliament has not met since last December, when Trudeau suspended its work to hold the Liberal Party leadership election. This pause has only increased political uncertainty in a country that is already suffering from economic challenges.
Challenges ahead
Canada’s economy is stagnating, and the threat of trade restrictions from the Trump administration is adding to the pressure. Carney has promised to strengthen the economy and prepare the country for turbulent times, but he has little time to adapt. Canadians expect quick and tangible results, especially in the face of rising costs of living and uncertainty on the international stage.
In addition, Carney must establish a dialogue with the United States to minimise the impact of a possible trade war. His experience in international finance could be an asset, but his political inexperience could make it difficult to deliver on his promises.
Reaction and expectations
In his speech after the victory in Ottawa, Carney stressed the need for unity and joint work to overcome challenges. “We are facing challenging times, but Canada is ready for them. Together, we will strengthen our economy and protect our interests,” he said to his supporters.
Analysts note that Carney will not have a “honeymoon period” in office. The public and the opposition will be closely watching his actions, and any mistakes could be costly for the Liberal Party, which was already in a difficult position before he took office.
Mark Carney has gone down in history as one of the few people who managed to rise to the top of Canadian politics so quickly. However, the real test for him is yet to come – will he be able to justify the trust of Canadians and implement his ambitious plans?
Source: The New York Times
