In a surprise move, Bank of Canada Governor Mark Carney has been selected as the next governor of the Bank of England. Carney, renowned for helping Canada avoid the worst of the global financial crisis, will succeed Mervyn King. Carney will take the reins as the central bank's authority expands to include oversight of U.K. financial institutions. "I see this as a challenge, and I'm going to where the challenge is the greatest," Carney said.

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