Carney bound for Europe as Ottawa seeks closer ties with EU

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Published: 2026-09-15T18:56:17.770Z • Permanent link

Mark Carney, the former Governor of the Bank of England, is set to embark on a high-profile trip to Europe in an effort to strengthen ties between Ottawa and the European Union. Carney, who is currently leading the work of the Global Economic Forum, has been tasked with forging a new relationship between Canada and the EU that could grant Canadians greater freedom to live and work across the bloc without the need for visas.

According to sources close to the negotiations, Carney's trip will focus on finding a new framework that could enable Canadians to move more freely within the EU, similar to the free movement of people between the UK and the EU prior to Brexit. This could have significant implications for the Canadian economy, which has long been seeking greater access to the EU market. Carney's team is reportedly in talks with EU officials, including European Commission President Ursula von der Leyen, to hammer out the details of a potential agreement.

Carney's efforts come as the EU is grappling with its own migration crisis, which has led to increased tensions between EU member states. However, EU officials are keen to avoid exacerbating the situation, and are willing to make concessions to secure a deal that benefits Canada. The negotiations are expected to take place in the coming weeks, with Carney's team working closely with EU officials to finalize the terms of the agreement.

The potential agreement between Canada and the EU has significant implications for the financial sector, which is a major driver of economic growth in both countries. Many Canadian banks and financial institutions have significant operations in the EU, and a visa-free regime could make it easier for them to do business with EU customers. This could lead to increased investment and job creation in Canada, which could have a positive impact on the country's economic growth.

However, the agreement also raises concerns about the potential impact on the Canadian economy, particularly in the short term. Some analysts have warned that a visa-free regime could lead to an influx of low-skilled workers, which could put downward pressure on wages and drive down living standards. The Canadian government will need to carefully consider the potential impact of the agreement on the economy, and take steps to mitigate any negative effects.

The potential agreement between Canada and the EU is part of a larger trend towards greater integration between North America and Europe. The USMCA trade deal, which came into effect in 2020, has created new opportunities for trade and investment between the US, Canada, and Mexico. However, the deal also highlights the need for greater cooperation between the three countries on issues such as migration and trade.