It was the summer of 2007. Deep inside Canada’s finance ministry, high-ranking officials were staring down the barrel of a global financial meltdown.
They weren’t sure exactly when, or how, the market would crash, but as Mark Carney tells it, “We knew that the thing was going to fall apart.”
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.
It was also a transformative moment in Mr. Carney’s political evolution: He 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,” Mr. Carney, 59, said at a meeting of a research group in Ottawa, the Canadian capital, in November. “How do you rebuild that trust?”
Canada’s Liberal Party, with lagging voter support after almost 10 years in power, is now looking in the mirror and asking itself the same question.
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