Mervyn King, Governor of the Bank of England
There is still more than 14 months to go before Sir Mervyn King leaves the Bank of England, but he is already in danger of appearing a lame duck as the race to succeed begins in earnest.
Today the FT reported that Mark Carney, the governor of the Bank of Canada, has been approached in relation to the job by a member of the Bank’s court, its governing body, having spoken to three people involved in the process. Mr Carney declined to comment. The Bank of Canada said the report was not accurate.
The FT also reported that the Treasury wants Charlie Bean, deputy governor for monetary policy, to remain in post after his term expires in June 2013 to provide some continuity as the top echelons of the Bank are rearranged. No one has denied this part of the story and Mr Bean has told colleagues he is willing to accept any offer to stay on for an interim period. So where do these events put the runners, the riders and those subtly touting themselves for the job. Read more
Everyone knows that the two prime candidates to replace Mervyn King as Bank of England governor are Adair Turner, chairman of the soon-to-be-defunct Financial Services Authority, and Paul Tucker, deputy governor of the Bank. So this evening’s lecture by Mr Turner at Clare College Cambridge, with a response from Mr Tucker, was a mouth-watering prospect. It required a trip to the University.
Bank wags dubbed it a Sumo showdown.
The title: Creating a stable financial system: is the reform programme sufficiently radical?
The venue: Clare College, Cambridge (packed)
The outcome: a fascinating draw if that is possible in Sumo. Victory seemed to be going Turner’s way because Tucker didn’t show up until Turner had nearly finished, but this was a traffic related delay rather than the deputy governor shrinking from the fight.
Actually, there were very few outright blows landed Read more
For emerging markets, at least.
Adair Turner is such a trend-setter. He backed a Tobin tax, and the world laughed. Then the world paused and considered. And now there is a great deal of support for the idea. Read more