TORONTO—Last week saw the one-year anniversary of the most recent federal election. Mark Carney, who had succeeded Justin Trudeau as prime minister last March, went out and won an election in his own right. The result, as you’ll all recall, was a strong enough minority to eventually be converted into a majority thanks to a few byelections and some well-timed defections from other parties.

Carney had to wait a year, but he got what he wanted. And he’ll have three years to enjoy it (if enjoy ends up being the word.)

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The anniversary was an obvious opportunity to look back and reflect on the first year of the Carney era. Overall, I consider Carney to be an improvement over his predecessor. I think he understands the big-picture issues, and is focused on the challenges that need his attention; one of the harder things to explain about the final years of the Trudeau era was how little interest the government seemed to have in adjusting to the obvious and enormous changes overtaking the world. A PM who had once so........

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