We'll be talking about the surprise choice of Mark Carney as the next governor of the Bank of England for months, probably until he takes over next summer. But the initial shock of his appointment has subsided, so I'm going to stop the live blog now. Thanks for reading, and all the comments. Let's do it again in five years when Carney's successor is announced.
Andy Haldane is the smart choice -- but after today's surprise, you never know Here's our profile of Mark Carney by economics correspondent Phillip Inman, who writes:. Critics say he wears his Oxford doctorate on his sleeve and is less than self-effacing.
They speculate that his 13 years at Goldman Sachs, which took him to London, Tokyo, New York and Toronto, inspired his smart dress sense and air of authority.
Yet he is not brash, preferring to make few Have a joy your appointment sir comments and he rarely agrees to interviews But he made the headlines in the financial press last year when he came under attack from JP Morgan boss Jamie Dimon during a meeting of then G20 Financial Stability Board, set up to tame the banks in the aftermath of the financial crisis.
Meanwhile Ann Pettifor isn't jumping on the Carney bandwagon Have a joy your appointment sir, arguing that his appointment means "more of the same":.
There is nothing in his speeches that indicates that he will help give Britain's real economy the protection it needs from its over-mighty — and still very dangerous — banking sector. Nothing, in other words, that indicates the real economy — the productive sector — will be given priority over the City's preference for reckless global speculation. Instead like many others who adopt a "market-based" approach to regulation, Carney prefers to tinker — retrospectively — with the capital ratios of banks.
Here's a video clip of the moment when George Osborne dropped the bombshell that Mark Carney had been appointed. Osborne had been chasing Carney since early this year, when he Have a joy your appointment sir floated the idea with the Canadian at a G20 summit in Mexico. He had asked him officially in August. He still had 18 months left in the job. He didn't want to do the eight year term Osborne was stipulating.
And that was before one even considered the notion of becoming the first non-UK Governor in the Bank of England's year history. So until last month he was dismissed from the running. Then Osborne made another approach.
This time around, he sold the prospect more aggressively. Plus he said that if Carney insisted, he would reduce the term to five years — after all the main principle was to have a single term rather opening up the messy question of reappointment — as had happened after Sir Mervyn's first term. This time around, Carney didn't say no.
Outlandish as the prospect of the appointment was, he was interested. And Have a joy your appointment sir rest was history -- or in this case a real surprise see 3. Sunny Hundal, editor of Liberal Conspiracy among other rolesprovides a welcome break from the consensus that Mark Carney is a wonderful hire. I'll be the first one to dissent on Carney: Carney isn't the only central banker with a stint at Goldman Sachs on the CV either -- Mario Draghi, head of the European Central, also spent several years there.
There's particular pride at the Edmonton Journal in Alberta today, following the news that their former paperboy has been named the next Bank of England governor. They report that Governor Carney still keeps in touch with his boyhood town, where he once delivered copies of the Journal. The temperature there on Monday afternoon was C.
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He lived there till he was six years old, when the family moved to Edmonton. Alistair Darling, the former chancellor of the exchequer, has added his voice to the chorus of people hailing the arrival of Mark Carney:.
He stuck out from other central bankers in his understanding of the crisis and what needs to be done about it.
David Blanchflower, the economist and former member of the Bank of England monetary policy committee, agrees:. Statement from jilted Paul Tucker: Scroll forward to He grins, and replies.
I'm interested in who they pick It's an extremely important post. I'm very focused on my post at the Bank of Canada He is a great choice though. He is is widely regarded as the best central bank governor in the world. Big coup for the government. Of course, it shouldn't be a surprise that everyone is being nice about Carney now he's got the job — but the scale of the welcome is a little surprising.
Three hours after the announcement, I've not found many Brits who aren't pleased with the choice - or many Canadian who are happy that Carney is leaving mid-term.
And the comments in this story on CBC confirm that Carney was well respected. Canada is losing a super star who could see across political lines for the good of Canada. I'm very sorry to see him go because of his integrity and leadership in the financial world. I must say congratulations to Mr.
I am sure that he will do fantastic in his new role. It is sad to see him leave, but love him or hate him, he has done an amazing job. I'm not sure many UK policymakers would get such a warm farewell -- although you can prove me wrong when Sir Mervyn King retires next summer. David Cameron says he's delighted that Mark Carney has accepted the chance to take the controls at Threadneedle Street:. I very much Have a joy your appointment sir forward to working with him from next summer.
But as George Osborne intoned the words "Mark Carney" at 3. Carney was the fifth man I could not identify on short list. Treasury steered me away from him. But I should not have believed. Treasury says steered me away from Carney because would have been "so sensitive in Canada that any speculation would have been v damaging".
Don't worry, Robert -- you'll always have Northern Rock. His strong track record as the Canadian central bank Governor and extensive experience in international financial regulation mean that he is well positioned to guide Britain through challenging economic times. One central bank's gain is another's loss, and over in Canada finance minister Jim Flaherty had to break the news that the country will soon be short of a central bank governor.