Upon his appointment, Mark Carney was described as a “rock-star” central banker. Andrew Bailey comes without stardust
WHEN MARK CARNEY was appointed as governor of the Bank of England in 2012, the news was both surprising and, unusually for the staid Old Lady of Threadneedle Street, even a bit exciting. Mr Carney was soon being described by much of the press as a “rock-star” central banker. The confirmation on December 20th that his successor is Andrew Bailey comes without stardust. Mr Bailey is unlikely to enjoy the high media profile of his predecessor.
The Bank found itself in the news this week after it emerged that a third-party service company was selling the audio feed of its press conferences to some fast-fingered financial traders, giving them an advantage of up to eight seconds over rivals. These sort of operational issues are as much the business of the governor as interest rate decisions and are deeply embarrassing for an organisation which has been lecturing the city on the need for better cyber-security.
Mr Carney was poached from the Bank of Canada. When the recruitment process for his successor kicked off in April 2018 there were rumours that another international candidate, such as Janet Yellen or Raghuram Rajan, former heads of America and India’s central banks, respectively, might be appointed. But Brexit turned the Bank into a political football, which seemed to scare off Mr Rajan and possibly others.
Mr Bailey is likely to focus on the Bank’s core responsibilities of monetary and financial policy. Nonetheless, changes in leadership at the Federal Reserve and the European Central Bank have been accompanied by “framework reviews” on how monetary policy operates in an era of low inflation and rock-bottom interest rates. It is possible that the Bank will do something similar in 2020.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Andrew Bailey firm favorite to head Bank of England: FTFormer Bank of England deputy governor Andrew Bailey is the firm favorite to be ...
Weiterlesen »
Andrew Bailey selected as Bank of England governor: FTAndrew Bailey, the Bank of England's former deputy governor, has been selec...
Weiterlesen »
Andrew Bailey selected to replace Mark Carney as the Bank of England governorAndrew Bailey, the current head of the U.K.'s financial watchdog, has been named as the next governor of the Bank of England.
Weiterlesen »
Andrew Bailey named as next Bank of England governorLONDON (AP) — The British government has named Andrew Bailey, head of the U.K.’s finance watchdog, as the next governor of the Bank of England. The appointment of Bailey, who currently heads...
Weiterlesen »
Andrew Bailey is a safe choice to lead the Bank of England in uncertain timesThe United Kingdom has picked a safe pair of hands — the country's top financial regulator — to succeed Mark Carney as Bank of England governor as the economy enters uncharted territory after Brexit.
Weiterlesen »