Carney disclosed his intentions to a crowd in Edmonton, Alberta, the western Canadian city where he spent the bulk of his youth, promising an economic agenda focused on lifting the country from a period of stagnant growth.

The former governor of the Canadian and British central banks announced he was running to become head of the Liberal Party and prime minister.

Canada’s ruling Liberal Party is searching for a new leader following Prime Minister Justin Trudeau’s announcement on January 6 that he will step down.