Mark Carney, current Bank of Canada governor and surprise pick to replace Mervyn King as incoming governor of the Bank of England, dove straight into the monetarist looney bin today with policy proposals.
In some of his most upbeat comments since the crisis, Sir Mervyn King claimed “there is momentum behind the recovery that’s coming” and that “good progress” has been made towards a new, sustainable economy in the last few years.
“I think that during the course of 2013 we will see the recovery come into sight,” he said. “If you take away what happened in the North Sea oil production and in construction, the UK economy last year grew by 1.5pc.” Overall, the economy grew by 0.2pc in 2012, according to the latest official data, and is expected to grow 1.2pc this year.
OTTAWA — Now that the Bank of Canada has begun the process of finding a new governor, the focus will no doubt be on the central bank’s No.2 policymaker.
Tiff Macklem, the senior deputy governor, is seen by many as the front-runner to take over from Mark Carney, whose decision to cut short his stay at the Bank of Canada — and take a parallel, though much tougher, role in England — shocked all but those most close to him.
George Osborne is under pressure to overhaul the process to find Sir Mervyn King's successor after MPs complained of being 'locked out' of the appointment of one of the most powerful unelected positions in Britain.