We have to take risks again’: Carney speaks at Toronto global summit

Global political leaders and policy experts, including former U.S. President Barack Obama and former Bank of England Governor Mark Carney, gathered in Toronto on May 9, 2026, for the Global Progress Action Summit. The summit is focused on the intersection of the global economy, the stability of democratic institutions and the acceleration of digital transformation.

During the proceedings, Mark Carney addressed the assembly regarding the current state of global economic strategy. Carney, who previously served as the Governor of the Bank of Canada and the Governor of the Bank of England, argued that a shift in approach is necessary to foster growth and innovation.

We have to take risks again

Mark Carney

The call for increased risk-taking comes amid ongoing discussions regarding global economic stagnation and the need for new investment frameworks to address systemic challenges. The summit serves as a forum for leaders to coordinate policy responses to these economic pressures.

Summit Focus and Participants

The Global Progress Action Summit brings together a diverse group of stakeholders to address three primary pillars: the economy, democracy, and digital transformation. The presence of Barack Obama, the 44th President of the United States, highlights the summit’s emphasis on the resilience of democratic governance in an era of increasing political polarization and technological disruption.

Policy experts at the event are examining how digital transformation—specifically the integration of artificial intelligence and automated systems into public infrastructure—affects both economic productivity and the social contract between governments and citizens.

The discussions in Toronto are intended to bridge the gap between theoretical policy and actionable steps, focusing on how developed and developing nations can synchronize their digital transitions without compromising democratic oversight.

Economic and Digital Transformation

The economic agenda of the summit centers on the balance between maintaining financial stability and encouraging the type of bold investment Carney described. Participants are evaluating the role of public-private partnerships in funding the transition to a more sustainable and digitally integrated global economy.

Digital transformation is being treated not merely as a technical upgrade but as a fundamental shift in how democracy functions. Experts are discussing the risks associated with digital misinformation and the necessity of creating international standards for the ethical use of emerging technologies.

The summit aims to produce a framework that ensures digital progress supports democratic values rather than undermining them, particularly in regions where institutional safeguards are weak.

By hosting the event in Toronto, the summit leverages Canada’s position as a hub for both financial services and technological innovation, providing a neutral ground for leaders from the Americas, Europe, Asia, and Africa to negotiate shared goals.