In the summer of 2007, high-ranking officials in Canada's finance ministry, led by Mark Carney, anticipated a global financial crisis. Carney, then a senior public servant, noted this moment as crucial for his career, transitioning towards managing economic crises as governor of national banks in Canada and Britain. He identified the financial crisis as a key moment leading to a decline in public trust in Western institutions. With the Canadian Liberal Party experiencing low support after a decade in power, both Carney and the party face the challenge of rebuilding trust with the public.
It was a turning point for Mr. Carney, then a senior public servant, and began the next chapter of his career managing economic crises as the governor of national banks in Canada and Britain.
Mr. Carney saw the financial crisis as the catalyst for a yearslong and steep decline in public trust of Western institutions. People were betrayed by the system.
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