Former Prime Minister Stephen Harper has publicly criticized Mark Carney, Canada’s former Bank of Canada governor and frontrunner for the Liberal leadership, asserting Carney is unjustly taking credit for the federal government's response to the 2008 financial crisis. Harper's comments were made on March 2, 2025, in a fundraising letter sent to Conservative party members, where he expressed disbelief at Carney’s attempts to inflate his role during the crisis, labeling them as inherently inaccurate and opportunistic.
“I have listened, with increasing disbelief, to Mark Carney’s attempts to take credit for things he had little or nothing to do with back then,” Harper wrote. The letter seeks to defend the legacy of the late Finance Minister Jim Flaherty, who Harper credits for the significant decisions made during the financial turmoil. “The hard calls during the 2008-2009 global financial crisis were made by Jim,” he asserted, referring to Flaherty’s pivotal role as Canada navigated the economic storm.
Carney has often touted his experience leading the Bank of Canada from 2008 to 2013 as evidence of his economic expertise. His campaign materials state, “Mark guided Canada through one of the most turbulent economic periods in modern history, protecting jobs and helping to assure Canada came out stronger.” Yet, Harper contests this narrative, arguing it undermines Flaherty’s contributions and misrepresents the nature of Carney's role during the crisis.
Following Harper’s letter, Carney’s campaign responded, emphasizing the former prime minister's changing stance on Carney, pointing out Harper previously sought to recruit him as Finance Minister. “Stephen Harper could have approached Pierre Poilievre about serving as his Finance Minister. He approached Mr. Carney instead,” the campaign’s statement asserted, framing Harper's criticism as politically motivated amid Carney's rising support.
Harper's letter isn't merely about Carney's claims; it’s also part of a larger Conservative strategy as the party seeks to rally support before the upcoming federal election. Carney has emerged as the potential new leader of the Liberal Party, succeeding Justin Trudeau, whose tenure has faced mounting criticism. The winner of the leadership race, set to conclude on March 9, will effectively become the next prime minister, making Harper's assertions especially timely.
Recently, Conservative attacks on Carney have intensified, labeling him as perpetuating the same policy failures as Trudeau, particularly criticizing him for advocating for carbon pricing and other policies perceived to drive up living costs. “Make no mistake, Mark Carney is just like Justin,” Harper argued. By criticizing Carney's record, the Conservatives aim to clarify their distinction as they prepare for the election battle.
The financial crisis of 2008 reshaped Canadian fiscal policy, with Flaherty leading the government’s response. His measures included balancing the budget, cutting taxes, and implementing various economic stimulus strategies. These political maneuvers resulted in Canada suffering less during the recession compared to other countries, including the United States. Harper maintains this success should be attributed to Flaherty’s leadership rather than Carney’s relatively positioned role as head of monetary policy.
Chisholm Pothier, who served as Flaherty’s former deputy chief of staff, criticized Harper’s revisionist view of history, asserting on social media, “I was there, and Carney played a big role.” This opinion reflects the complexity of the narrative surrounding the 2008 crisis, where both monetary and fiscal policies significantly contributed to Canada’s recovery.
The significance of Harper's remarks is magnified by the current political environment, where Carney’s leadership position is seen as strengthening the Liberal Party after years of declining public favor. Polls have indicated shifts, with the Liberals gaining slight advantages over Conservatives for the first time since 2021, marking this moment as pivotal.
“Instead of tapping our potential, the Liberals under Justin Trudeau, with the advice of Mark Carney, have doubled the debt, doubled housing costs, and doubled food bank lineups,” Harper concluded, reiteratively linking Carney’s policies to broader economic issues facing ordinary Canadians. With such statements, Harper aims not only to defend his own legacy but to galvanize Conservative support as they head toward what is expected to be the most consequential federal election of the decade.
The political stakes are heightened, as the future leadership of the Liberal Party could shape Canada’s response to looming economic challenges, especially with potential tariffs from U.S. President Donald Trump threatening Canadian economic stability. Harper’s critique serves as both a defense of past Conservative achievements and as part of the relentless political machinery gearing up for the elections.
With Carney under scrutiny and the Conservative Party aligned under the leadership of Pierre Poilievre, the battle lines are drawn as both parties prepare for what lies ahead. The importance of these discussions cannot be overstated as they resonate not just within party ranks, but across the larger fabric of Canadian economics and governance.
Harper, reflecting on the future, closed his remarks with poignant concern. “We are currently facing the prospect of completely unjustified tariffs from the United States, which threaten our livelihoods and our independence,” he cautioned, summing up the urgency of the moment as the nation gears up for potential political upheaval.