Mark Carney, who gained the reputation of being a strong leader while serving as chief of Canada's central bank, takes over the position of governor of the Bank of England.
The announcement was made by Chancellor George Osborne in the heart of UK's financial services industry, the City, on November 26.
"I'm going to where the challenges are greatest," Carney commented on the move at a press conference in Ottawa.
"It's very important for the global economy that the UK does well, that it succeeds in this rebalancing of their economy, that the reform of the British financial system is completed," Carney added.
At the time of his appointment as head of the Bank of England, Mark Carney was still serving as the governor of the Bank of Canada.
Starting with the new term, the governor of the Bank of England will face additional attributions. In addition to establishing the interest rates and monetary policy of the bank, the governor will also act as the City's chief watchdog.