Bloomberg News

Posen Says Carney May Have too Much Power at BOE, Guardian Says

December 04, 2012

Former Bank of England policy maker Adam Posen said Mark Carney may have too much power after he takes over as head of the U.K. central bank in July, the Guardian reported, citing an interview.

“The new rules means the U.K. governor has enormous amounts of power and discretion,” the newspaper reported Posen as saying in the interview, published today. “You have a guy, irrespective of his individual traits, who has been wooed outside the interview process, got to negotiate his own pay packet and be told by everybody that he is wonderful. It will take a great deal of wisdom and restraint on Carney’s part to not let that lead to over-reach by one individual.”

“Notwithstanding that, he is obviously well qualified, experienced, bright and hard working, sharing many of Mervyn’s best qualities,” Posen said, according to the Guardian. “But any individual given that much power -- what’s going to happen?”

To contact the reporter on this story: Svenja O’Donnell in London at sodonnell@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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