Mark Carney runs for leader of the Liberal Party of Canada

After months of speculation about his political ambitions, former Bank of Canada and Bank of England governor Mark Carney has announced he is seeking the leadership of Canada’s ruling Liberal Party.

Mr. Carney formally launched his bid on Thursday in his hometown of Edmonton, Alberta. The Liberals will elect their new leader on March 9.

If he wins, the 59-year-old will replace Prime Minister Justin Trudeau and lead the country in the next general election, which will be held this year.

Earlier this month, Trudeau announced his intention to resign after nine years in office following the selection of a new Liberal leader, as pressure mounted on him to step down.

“I’m doing this because Canada is the best country in the world, but it can still be better,” Mr. Carney said as he began his bid.

He highlighted the challenges facing the country such as the housing affordability crisis, stagnant wages and the threat of climate change.

“People are concerned, no wonder,” he said. “A lot of people are falling behind.”

He also noted tariff threats from U.S. President-elect Donald Trump, who takes office on Monday, and said Canada is facing extraordinary times.

“I have helped tackle many crises and I have helped save two economies,” Mr Carney said in his speech.

“I know how business works, and I know how to make it work for you.”