Sir Mervyn King, the head of the Bank of England, said the central bank knows "absolutely nothing" about how the policy instruments its new watchdog has asked for to combat systemic financial risks will work in practice.
The man hand-picked by George Osborne to run the Bank of England has fuelled speculation that he will order a policy revolution to jump-start the stalled British economy as fears grow of a triple-dip recession, reports The Guardian.
By Richard Alford, a former New York Fed economist. Since then, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side.
While there are numerous definitions of economics, the most widely used is:
Economics is the study of how economic agents – households, businesses, governments – allocate limited resources across competing uses.