Carney Is 'Wicked Smart'

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Mark Carney, governor of the Bank of Canada, was named chairman of the Financial Stability Board on Friday.

Carney replaces Mario Draghi, who left in November to become president of the European Central Bank.

The Financial Stability Board also announced that Philipp Hildebrand, chairman of the governing board of the Swiss National Bank, will become its vice chairman.

Both Carney and Hildebrand get three-year terms at the Financial Stability Board.

Since 2003, Carney has held positions at the Bank of Canada and the Canadian Department of Finance. Earlier, he had a 13-year career at Goldman Sachs.

His appointment drew praise from Sheryl Kennedy, managing director of the consulting firm Promontory Canada, whose earlier work at the Bank of Canada overlapped with Carney's tenure there.

"Mark understands the issues," Kennedy said in an email. "This reflects the fact he has both private-sector financial markets experience as well as public-sector track record in both Finance and the central bank, and he's wicked smart."

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