UPDATE 1-Bank of Canada's Carney says British challenges greater

Mon Nov 26, 2012 12:55pm EST
 
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* Leaving for Bank of England next year

* Carney says able to leave Canada because it is solid

* Will continue financial reform in UK, manage BoE with new powers

By Randall Palmer

OTTAWA, Nov 26 (Reuters) - Bank of Canada Governor Mark Carney said on Monday he would be taking on the biggest challenge going when he heads up the Bank of England next year, joining the institution as it wins a broader, bigger role.

"I'm going to where the challenges are greatest," Carney told an Ottawa news conference, adding he would not be moving if he did not feel the Canadian financial system was in top shape.

"We have a system that works very well. It's been tested under the biggest economic shock and financial shock that any of us will ever see in our lifetime, and it has passed that test."

Describing an "on-and-off" debate about his being chosen for the new job, Carney cited what he called the very positive challenge of the continuing reform of the British financial system as factoring into his final decision.

He said Britain was leading the world in these reforms, in many respects, but reforms had to be seen through, and he also wanted to help in the rebalancing of the British economy.   Continued...