Carney named head of global banking regulator

Bank of Canada governor Mark Carney has been appointed head of the Swiss-based Financial Stability Board.

The announcement was made at the G20 summit in Cannes, France, on Friday.

Finance Minister Jim Flaherty told CBC News that Carney will bring Canadian banking principles to the board.

"This appointment of the governor is a credit not only to him but also to the Canadian financial system and our regulatory and supervisory system, which is a model for the world," Flaherty said. "We have the best financial system in the world, and that's being recognized.""His appointment is both a tribute to his personal qualities, and a reflection on Canada's superior performance in monetary, fiscal and financial sector policy areas."

Ruh oh, the banking systems will be in for much tigher regulations with Mark Carney at the helm.

[link to www.cbc.ca]