Ed,
It's a decision of a government that, quite simply, doesn't have
enough candidates of the right calibre or experience of its own it
can approach. For obvious reasons, as in America, the chummy
relationship between government and bankers (and many other top
people in the financial sector) doesn't exist as it used up to 2008.
Another source is academe. Both America and the UK recruited from
there for their present people. But the UK wasn't going to do that
this time because Sir Mervyn King, without any managerial experience
while at university, turned out -- allegedly! -- to be quite a bully
within the Bank of England, both among the staff but also among his
advisory committee. And there is yet more management to be added by
the government in the coming months.
The UK has the worst government debt in the world (with the possible
exception of Japan already and the US within a year or two) so it
will need a central banker a cut above the usual. Apart from Mark
Carney, there are precious few of these around the world. Besides,
our government still considers the UK to be a Top Nation, as it was a
century ago. With a British born wife and children who are partly
British (dual nationality) perhaps Mark Carney has enough sentimental
feelings for us that he wants to save us going completely into the ditch.
Keith
At 16:39 26/11/2012, Ed wrote:
Mark Carney is moving to greyer pastures.
<http://www.bbc.co.uk/news/business-20501990>http://www.bbc.co.uk/news/business-20501990#
Mark Carney has been named as the new governor of the Bank of
England by Chancellor George Osborne.
Mr Carney, the governor of the Canadian central bank, will serve for
five years and will hold new regulatory powers over banks.
He was a surprise choice for the head of the UK's central bank and
had previously ruled himself out.
The post is seen as one of the most important positions in the
stewardship of the UK economy.
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