Mark Carney’s Remarks at Davos on the Changing Global Order

Speaking at the World Economic Forum in Davos, Mark Carney outlined his view that the post–Cold War international system is undergoing a significant shift.

Carney said the rules based global order that has guided trade, finance, and diplomacy for decades is becoming less effective. Economic tools such as tariffs, supply chains, and financial systems are increasingly being used as instruments of national strategy rather than neutral mechanisms for cooperation.

Sean Kilpatrick, The Canadian Press

He noted that while the system brought stability and growth for many countries, it was never fully neutral, and current geopolitical tensions have further weakened its ability to function as intended.

For middle powers such as Canada, Carney suggested this change requires a more active approach. He argued that relying solely on existing multilateral institutions may no longer be sufficient, and that countries should play a greater role in shaping new frameworks and partnerships.

Carney proposed a more flexible model of cooperation, with different coalitions formed around specific issues such as trade, security, or defence. Domestically, he emphasized the importance of strengthening economic resilience through internal trade reform, infrastructure investment, defence spending, and diversified international relationships.

His central message was that countries need to remain engaged and proactive in a changing global environment to protect their interests and influence future outcomes.