Mark Carney is to be the new governor of the Bank of England.
Appointed by the Chancellor George Osborne, Mr Carney, will serve for five years and will hold new regulatory powers over banks.
The governor is seen as one of the most important roles in the stewardship of the UK economy.
The reins will be passed in June when the current governor Sir Mervyn King steps down.
Sir Mervyn said that Mr Carney represented "a new generation of leadership for the Bank of England, and is an outstanding choice to succeed me".
Speaking in Parliment, Mr Osborne said that Mr Carney would bring the "strong leadership and external experience the Bank needs".
Mr Osborne said he was acknowledged as "the outstanding central banker of his generation".
During Mr Carney's five years as governor in Canada, Mr Osborne said he was "acknowledged to have weathered the economic storm better than any other major Western economy".
Mr Carney said he was "honoured to accept this important and demanding role" at a "critical time for the British, European and global economies".
He will serve in his current post until May next year.