Daily Archives: November 26, 2012

Canadian Central Bank governor Mark Carney has been appointed as Sir Mervyn King's successor. Getty

Congratulations and best wishes to Mark Carney. When he becomes governor of the Bank of England next June, he will assume one of the three or four most important roles in global finance.

In fact, it will be a role much broader than that of his immediate predecessors at the Bank, who have not been directly responsible either for microprudential supervision of financial entities, or for the macro-prudential supervision of the financial system as a whole. Under the new regulatory structure designed by Chancellor George Osborne, the new governor will now assume responsibility for both of these tasks, as well as for monetary policy.