Jim Flaherty lauds Mark Carney, Canada’s ‘model’ finances

The Canadian political scene experienced some pretty big tremors on Monday morning.

While Toronto Mayor Rob Ford was learning that he'd be expelled from office —ending an appeal — Canadians were being told that the Bank of Canada was losing it's top man to the Bank of England.

[ Related: Toronto Mayor Rob Ford found guilty, removed from office ]

Mark Carney, 47, is well-respected in both financial and political circles for they way he handled Canada's monetary policy during the economic slowdown of 2008 and beyond.

Over the past year, rumours of the Alberta native's departure had been widely circulated, including one rumour that he would be seeking the Liberal leadership. On Monday, both finance minister Jim Flaherty and Carney himself confirmed that he will join the Bank of England as their new governor starting July 1, 2013.

"This appointment, which marks the first time a foreign national has headed the Bank of England, is another strong example that Canada's monetary and fiscal systems serve as models to the world," Flaherty said in a statement.

"While other countries have faced significant turbulence, our financial system has consistently been ranked as the soundest in the world."

Liberal leader Bob Rae, echoed Flaherty's comments.

"Governor Carney will face many challenges in his new position, both within the Eurozone and the larger global economy; however, I have no doubt that he will bring the same leadership, dedication and strategic vision that he provided to the Bank of Canada during this period of economic difficulty," he said in a statement released by party headquarters.

[ Related: Bank of Canada's Carney says British challenges greater ]

"Canadians owe the Governor tremendous gratitude for his decisive management role and service to the country."

The question now turns to who will replace Carney.

The National Post's Tom Corcoran believes deputy governor Tiff Macklem, is the obvious choice.

"[He's] a man with broad experience nationally and internationally," he wrote.

"He was apparently the second choice for the job, last time around, after Mr. Carney."

For those that were wondering, Carney's appointment is for five years, at which time those rumours about him running for the Liberal leadership can promptly resume.