MArk Carney's seemingly very positive commentary on Brexit has been controversial, with some reading it as a remarkable turnaround by the Governor of the Bank of England, which was previously seen as a factor of "project fear".

"Brexit can lead to a new form of international cooperation and cross-border trade based on a better balance of local and supranational authorities," said Carney in a speech on Tuesday.

This could, he said, be "the first test of a new world order and could prove that it is hard to find a way to increase the benefits of openness." while strengthening democratic accountability. "

Benefits of opening? Better local and supranational balance? All of this seems to run counter to Carney's earlier comments that Brexit could wipe out 8% of GDP and that housing prices could plummet to 35%.

At first glance, it is a conversion to rival Paul as he approached Damascus in AD5.

In fact, the headlines of the Eurosceptic press are based on small excerpts from Carney's remarks, regardless of the context.

In the first place, the bank governor's speech spoke of the world economy, not Brexit.

He notably talked about the effects of a slowdown in China. He then placed Brexit in the context of wider upheavals stemming from globalization.

"Trade tensions abroad and Brexit debates at home are manifestations of fundamental pressures to reorganize globalization," said Carney.

"It is possible that new rules of the road will be developed for a more inclusive and resilient global economy."

But most importantly, he went on to point out a second point that was conveniently left out for a number of accounts: "At the same time, there is a risk that countries will retreat inward, undermining growth and prosperity for all ".

Carney's approach should not surprise anyone. He is an economist and a central banker, not a political expert. In this role, he plays no part in a debate. it offers a range of possible results, based on the analysis.

He is accustomed to traders and market commentators who study and dissect each of his words to get an idea of ​​where interest rates are going to go down, and he therefore deliberately yields very little.

But what about this project that makes fear panic in the previous months?

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Carney did not say that real estate prices would plummet by 35% or that GDP would fall by 8% in one year. In both cases, he presented a number of optimal, unfavorable and mediocre scenarios.

The middle scenario is rarely the best title.

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