The world is what it is, as VS Naipaul once wrote. It is not what we may wish it to be. That bit of insight is coming in handy for political leaders across the world in these tough times. Mark Carney is one of them.

Carney is very clear-eyed about where the world is right now. The renowned economist became prime minister of Canada last month after a stellar career in investment and central banking. He made history in 2013 when he became the first non-British person to lead the Bank of England since its founding in 1694...

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