[Azure]

OTTAWA—The surprise departure of Mark Carney, who was tapped Monday to lead the Bank of England, leaves a vacancy at Canada's central bank at a critical time when it is balancing a slowing economy against the need to rise rates as households build up debt to record levels.

Mr. Carney, who will remain as Governor of the Canadian central bank until June 1, 2013, said in a news conference with Finance Minister Jim Flaherty, that it was a "difficult decision, but the right decision."

Mr. Carney takes up his new job in July.

The Bank of Canada said its board of directors will shortly form a special committee comprised of independent directors to select Mr. Carney's successor. The appointment is subject to approval by Mr. Flaherty and the federal cabinet.

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