The Russell Canada index returned 9.3% since October 4, 2007, the date Mark Carney became governor of the Bank of Canada, while the Russell UK index was down 6%.
Carney, who will take on the job of governor of the Bank of England, has been praised for his role in preventing the Canadian economy suffering as much as other developed nations’ economies in the financial crisis.
Carney was helped by conservative fiscal practices in Canadian society. Fairly strict rules on mortgages helped prevent a bust in the property market and the country avoided a state bailout of its banks.
The UK government hopes to benefit from Carney’s expertise as the country slowly claws its way out of recession and begins to consider an end to its quantitative easing policy.
©2012 funds europe
