Tag: Mark Carney

Chris Giles BoE governor race is on

April 18, 2012 3:42 pm by Chris Giles
Mervyn King, Governor of the Bank of England

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.

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Posted in Bank of England |

Claire Jones Central bankers in Davos

January 25, 2012 11:09 am by Claire Jones

Davos is not as important an event on the calendars of central bankers as the IMF/World Bank meetings or the Bank for International Settlements Annual General Meeting. Neither the Bank of England nor the Federal Reserve will be bothering to send anyone, for instance.

But there are still plenty of Davos men (and one woman) among the senior ranks of the profession.

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Posted in Bank of Canada, Bank of England, Bank of Israel, Bank of Mexico, European Central Bank, Federal Reserve, Swiss National Bank |

Claire Jones The week ahead in central banking

January 20, 2012 6:27 pm by Claire Jones

Our week ahead email helps you track the most important events in central banking. To see all of our emails and alerts visit www.ft.com/nbe

FOMC meeting

The Federal Open Market Committee meets on Tuesday and Wednesday to set monetary policy for the coming month and a half.

The meeting – to be followed by one of chairman Ben Bernanke’s press conferences – could see the FOMC announce an inflation target. This from the FT’s US economics editor Robin Harding:

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Posted in Bank of England, European Central Bank, Federal Reserve |

Claire Jones The week ahead in central banking

December 9, 2011 4:15 pm by Claire Jones

Our week ahead email helps you track the most important events in central banking. To see all of our emails and alerts visit www.ft.com/nbe

FOMC meeting

The highlight of next week’s calendar is Tuesday’s Federal Open Market Committee meeting.

Here’s the FT’s US economics editor Robin Harding on what to expect:

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Posted in Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Swiss National Bank |

Claire Jones Regulation and sovereign debt: a vicious circle?

July 12, 2011 7:34 pm by Claire Jones

Regulators’ fondness for sovereign debt is looking odder by the day.

The eurozone crisis and the Congressional impasse over the US debt ceiling have put paid to any notion of government bonds as risk free. What’s more, a Committee on the Global Financial System paper suggests that encouraging banks to up their holdings might in fact do more to endanger stability than promote it.

The paper, published Monday, identifies a “vicious circle between the conditions of public finances and those of banks”. As banks’ funding costs worsen, so does the creditworthiness of the sovereign, which in turn heightens funding costs. If such a vicious circle does indeed exist, then incentivising banks to hold more sovereign debt in order to fulfil regulatory requirements would only compound the problem.

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Posted in Bank for International Settlements |

Simone Baribeau Carney on eating Canadian asset cake

March 11, 2010 11:17 pm by Simone Baribeau

Mark Carney, Governor of the Bank of Canada, today spoke on Canada’s response to the financial crisis. In a question and answer period after the speech, Mr Carney said (via Reuters):

Our view is that the first line of defense of financial stability is regulation and we would underscore the experience with Canada, Australia, other major inflation targeters has been that you can have your cake and eat it too — you can have price stability, you can have financial stability if you get the regulatory side right.

As the governor of the central bank in the only country in the G7 that avoided bailing out its banks, Mr Carney has good reason to tout his country’s success. But what if the crisis has yet to pass?

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Posted in Uncategorized |

Simone Baribeau The FT’s slow road to the Scottish highlands

March 11, 2010 8:56 pm by Simone Baribeau

From a speech by Mark Carney, Governor of the Bank of Canada

I am reminded of a story told to me by Jean-Claude Trichet, President of the European Central Bank. A mutual colleague, at the start of the crisis, was visiting a small village in the Scottish highlands. He was bereft of his BlackBerry and was anxious for the latest financial news. He entered a newsagent and asked for the Financial Times.
- The shopkeeper said, “Would you like yesterday’s paper or today’s?”
- Given the weight of events, he answered without hesitation, “I would prefer today’s.”
- To which the shopkeeper replied, “Then come back tomorrow.”
In today’s world, policy-makers cannot wait until tomorrow. They must act immediately. To do so effectively, they need guiding principles.

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Posted in Bank of Canada |

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The Money Supply team

Chris Giles Chris Giles has been the economics editor of the Financial Times since 2004. Based in London, he writes about international economic trends and the British economy. Before reporting economics for the Financial Times, he wrote editorials for the paper, reported for the BBC, worked as a regulator of the broadcasting industry and undertook research for the Institute for Fiscal Studies. RSS

Ralph Atkins, Frankfurt bureau chief, has been writing about European economics and politics for the Financial Times for more than 20 years following an economics degree from Cambridge. He has been watching the European Central Bank and eurozone economies since 2004. He has previously worked in London, Bonn, Berlin, Jerusalem and Brussels. RSS

Robin Harding is the FT's US economics editor, based in Washington. Prior to this, he was based in Tokyo, covering the Bank of Japan and Japan's technology sector, and in London as an economics leader writer. Robin studied economics at Cambridge and has a masters in economics from Hitotsubashi University, where he was a Monbusho scholar. Before joining the FT, Robin worked in asset management and banking. RSS

Claire Jones is Money Supply economics team writer, based in London. Before joining the Financial Times, she was the editor of the Central Banking journal and CentralBanking.com. Claire studied philosophy and economics at the London School of Economics. RSS

James Politi is US economics and trade correspondent for the Financial Times, based in Washington DC. He joined the Washington bureau in January 2008 following four and a half years as US deals correspondent covering M&A and private equity. James Politi joined the FT in London in 2000 with an MSc at the London School of Economics, and undergraduate degrees from Georgetown University and the University of Florence. RSS

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