The former Bank of England governor Mark Carney, a climate-focused economist who became the first non-Briton to run the Bank, is considering entering the race to replace Justin Trudeau as Canada’s prime minister.

Trudeau announced on Monday he would step down after nearly 10 years in power once his ruling Liberal party chose a new leader, throwing open the doors to a fierce party race before a general election later this year.

Carney, 59, in a statement quoted by Bloomberg, where he is a chair of the board of directors, said he would be “considering this decision closely with my family over the coming days”. A longtime and prominent member of the Liberal party, Carney said he was “encouraged” by the support of Liberal lawmakers and people “who want us to move forward with positive change and a winning economic plan”.

Speculation that Carney, who ran the Bank of Canada from 2008 to 2013 and the Bank of England from 2013 to 2020, could be seeking high office has grown over the past few months as Trudeau’s popularity plummeted amid record inflation, an acute housing crisis, high food prices and voter fatigue.

Trudeau’s decision to resign came amid fears that tariffs imposed by Donald Trump, the incoming US president, could devastate Canada’s economy.

Joe Biden expressed his appreciation for Trudeau in a phone call on Monday.

“Over the last decade, prime minister Trudeau has led with commitment, optimism, and strategic vision. The US-Canada alliance is stronger because of him. The American and Canadian people are safer because of him. And the world is better off because of him,” Biden said in a statement.

Carney’s supporters see him as having the experience to guide the country through a period of instability. The former banker has a diverse, internationalist résumé, including as chair of Brookfield Asset Management, a large Canadian alternative asset manager, and as UN special envoy for climate action and finance.

He holds Canadian and Irish citizenship, and gained British citizenship in 2018. In September, the Liberal party announced Carney would lead a taskforce on economic growth.

It has been more than a decade since the party last ran a federal leadership contest, with Trudeau securing a dominant win in 2013 and rebuilding the party in the years since.

The Liberal caucus will meet on Wednesday to discuss the parameters and timeline for selecting Trudeau’s replacement. The party’s constitution has a process for selecting a leader that typically takes months but there are now fewer than 80 days until parliament returns. Party brass are hopeful for a new leader by the end of January.

“It’s unfathomable to me that we can’t choose a leader of the Liberal party in a 30- to 60-day period, whereas we can choose the prime minister of Canada or the leader of the country according to the Elections Act in a 30- to 60-day period,” the immigration minister, Marc Miller, told CBC News.

Sill, there are unanswered questions about who may be casting a ballot for the new leader. Trudeau’s 2013 win came after the party allowed people who had not paid for memberships to vote.

The Liberal party is in a tough position, with the opposition Conservatives expected to win a majority government under current polling. The Conservative party leader, Pierre Poilievre, has dismissed the former central banker as Carbon Tax Carney, a reference to a levy on consumer fuel Trudeau brought in. The Conservatives are also weighing using the tagline “just like Justin” as an attack on the next Liberal leader in the hopes of tying any successor to the unpopularity of the prime minister.

Last week, Trudeau’s close friend and former principal secretary Gerald Butts wrote in a Substack post that allowing “a handful of apparatchiks [to] choose their prime minister” would harm the party.

“If you want to know who can play hockey, put on a hockey game. It doesn’t matter who you think you support at this moment, we’ll all have a more seasoned view if we see these people in live action,” he wrote. “Competitions create better competitors. In politics, leadership campaigns make for better general election campaign teams. They train people, test ideas, build resilience.”

Butts said the party’s future was at risk if it held a limited race bound by tight rules. “If Liberals arrogate that right to a few hundred people in Ottawa, I hope they’re alert to the risk that they could be selecting the party’s last leader.”

A poll by the Angus Reid Institute on Friday, before Trudeau’s announcement, found Carney was in second place among candidates likely to replace Trudeau as Liberal leader. The former deputy prime minister Chrystia Freeland, whose resignation last month increased calls for Trudeau to go, was top.

If he were to win the leadership race, Carney would be in the unusual situation of becoming prime minister without holding a seat in the House of Commons. Party leaders are not required to be members of parliament when they win, but convention requires they run for a seat as quickly as possible. It took Jagmeet Singh 16 months to become an MP after winning the leadership of the New Democratic party.

With a spring election widely expected, the new Liberal leader will only hold the post of prime minister for a handful of months before the country votes.