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Tuesday, November 27, 2012

John Carney to be New Bank Of England Head - Deserved Triumph for Osborne

  While everybody from the Times to the labour Party is busy saying what a good idea this is, none of them said so beforehand.

  On the other hand here is a little dialogue that took place on John Redwood's, following an article he did saying how the job description was clearly set up to get another insider inn charge and correctly detailing all the cock-ups the insiders had managed:

Neil Craig

Posted October 15, 2012 at 10:01 am

Technically the resume means they could headhunt somebody from Singapore’s central bank. Looking at that country’s success in finance as in other things, they should but I assume they won’t.

GJ Wyatt

Posted October 15, 2012 at 2:16 pm

The magazine Global Finance rated the six best central bankers in 2012, (based on inflation control, economic growth goals, currency stability and interest rate management) as:

Glenn Stevens, Australia

Mark Carney, Canada

Stanley Fischer, Israel

Zeti Akhtar Aziz, Malaysia

Amando Tetangco Jr., Philippines

Fai-Nan Perng, Taiwan

They were all given ‘A’ ratings. No European was given better than ‘B’. Mervyn King received a ‘B-’.

Stevens and Carney have been considered according to press reports. But why would they resign and go to the BoE? Their predecessors or deputies however could be credible candidates. Indeed Ian Macfarlane of Australia who did a brilliant job for 10 years (7 ‘A’ grades!) would be ideal. Moreover, no historical baggage in Whitehall or Threadneedle Street.


Posted October 15, 2012 at 5:14 pm

Glenn Stevens’ term of office ends in September 2013, just three months after Sir Mervyn’s. and he is about the right age, so he might be persuaded.

Neil Craig

Posted October 18, 2012 at 10:38 am

Fine suggestions. Too often our elite choose only to compare ourselves with other EU countries.But who can argue that an Australian isn’t compatible with our system? Such a person fits John’s requirement of being able to work with politicians but, unlike Mervyn King is clearly in a position to stand up to political demands.

It would undoubtedly also enhance the £s credibility in international markets.

  Credit lies with GJ Wyatt (?) for getting it almost spot on not to me.

  Credit also to Geoge Osborne.
It is a very tough job to be the blame taker/Chancellor during a recession. Worse when you want to do things that the PM/Cabinet won't let you and because of the collective responsibility rule, you have to take responsibility for. Osborne has always said the right things and usually done the wrong ones, but that may be because Cameron controls the latter. Certainly it was him who came out and said we should not be increasing windmill subsidy "any faster than the EU average" which looked like a call for anything up to infinitely slower,

   I believe I would be comfortable with Osborne remaining as Chancellor or even being promoted to PM after the Tory party push Cameron under a bus.

    John Redwood attracts a pretty good class of reader though I say it myself.

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