Bank of Canada governor Carney takes up world's financial reins  ~ "Mark of distincion"  ~ Financial Post ~ National Post

Bank of Canada governor Mark Carney's appointment, as head of the Financial Stability Board is a small lift to Canada's international stature and a big opportunity to influence the path of international finanacial regulation.

Observers have noticed that the selection of Mr. Carney, is an important step in his steady rise as a policymaker.  The selection of Mr. Carney is acknowledgement on the part of G20 leaders, that the global banking system needs to look more like the Canadian system.  Canadian regulators have adopted a common-sense approach involving back-and-forth discussion with institutions and regection of unnecessary restrictions.

Now with Mr. Carney in charge at the FSB , it is hoped this country's position will carry a little more weight.

Headquartered in Switzerland, the FSB has taken on increasing importance in the wake of the crisis that began in 2008 as leaders of the world's major economies sought to shore up the banking system and create better regulations.

The G20 leaders vowed to further beef up FSB powers so it can function more effectively as a watchdog, ensuring that member countries follow through on pledges.  It is now responsible for oversight of such areas as shadow banking and over-the-counter derivatives, both largely unregulated up to now.

As the job is only part-time, he will take a very pro-active role and make a real job out of it.

"There is no inividual more suited for this role in addressing  what is most certainly a critical inflection point in the global economy" said Gord Nixon, chief executive of Royal Bank of Canada.

 These are excerpt of the National Post Newpaper , Saturdays edition....well chosen person and well chosen words!