27 November, 2012

Mark Carney

The new Governor of the Bank of England is a surprise, if only because he had firmly ruled himself out of the running.

There are a few things against him: he is ex-Goldman Sachs, he is only 47, his wife is a barking mad eco-warrior (the papers seem to hold this against him but I don't think it's fair: anyone could find themselves married to a loopy British woman who is likely to occupy St Paul's Cathedral). Oh, and he is Canadian. I can't think of one other major economy with a non-indigenous central bank governor.

Everything else about Carney is good, however. He understands banks (he will be in charge of regulating them) and he understands sovereign risk. This is a major coup for Chancellor George Osborne who must be very persuasive.

We must hope Carney doesn't share Mervyn King's penchant for printing money.

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