Mark Carney, the former governor of the Bank of Canada and the Bank of England, has been elected as the new leader of the Liberal Party of Canada.

At a convention in Ottawa on Sunday, where crowds waving mini Canadian flags in red and white cheered, Carney was announced as the winner and is set to replace Justin Trudeau as prime minister once he is sworn in.

During his speech at the convention, Carney outlined his guiding principles for governance, emphasizing “fiscal responsibility, social justice, and international leadership.” He also took a moment to thank his predecessor, Trudeau, for his leadership, calling him “a fighter for Canada.”

“You have led us through some of the hardest challenges that this nation has ever faced,” Carney said, addressing Trudeau.

All eyes are now on when Carney will call for a federal election, with the House of Commons scheduled to reconvene on March 24. In a speech at the convention, Trudeau described the country as facing an “existential crisis” due to the U.S. trade war.

“Who’s ready to stand up for Canada with me?” Carney asked the crowd, eliciting cheers and applause.

He continued, “Two months ago, I put up my hand to run for leader because I felt we needed big changes. But big changes, guided by strong Canadian values.”

Carney emphasized the need for unity, stating, “We are strongest when we are one economy, not 13.”

Reflecting on the challenges ahead, he acknowledged, “I know that these are dark days. Dark days brought on by a country we can no longer trust. We are getting over the shock, but let us never forget the lessons. We have to look after ourselves, and we have to look out for each other. We need to pull together in the tough days ahead.”

Carney’s entry into politics had been speculated since the summer when Trudeau admitted to having discussed the possibility of Carney joining federal politics for years.

Looking forward, Carney promised to “put into action our plan to build a stronger economy, create new trading relationships with reliable partners, and secure our borders.”