The new Governor of the Bank of England

Canadian Mark Carney has been announced as the next new Governor of the Bank of England. Mr Carney’s credentials are impressive, most importantly his understanding of credit risk enabled Canada to largely escape the banking crisis that swept most other western nations. He is currently working as the Head of Canada’s Central Bank (since 2008), with a further two years on his contract. He is 47, married with 4 daughters. I understand that he will take over from Mervyn King next summer on 1st July and is expected to hold the position for 5 years.

…meanwhile Mr Bean has agreed to stay on to help with the transition process. As you might expect, not that Mr Bean, but Charles Bean, the current Deputy of the Bank.