Bloomberg News

Posen to Testify to U.K. Lawmakers at Post-MPC ‘Debrief’ Hearing

January 17, 2013

Former Bank of England policy maker Adam Posen will testify to U.K. lawmakers next week at a session described by the Treasury Committee as a “post-Monetary Policy Committee debrief.”

The hearing, the first of its kind to be held by the committee, will take place on Jan. 22, the U.K. Parliament committee said in an e-mailed statement today. Posen, 46, left the MPC in August and took over as head of the Washington-based Peterson Institute for International Economics this month.

Posen, a U.S. citizen, led the charge for the Bank of England to restart quantitative easing during his three years at the MPC. Since his departure, he has expressed concern that Bank of Canada Governor Mark Carney will have too much power when he takes over from Mervyn King at the head of the BOE in July.

Posen wrote in a Dec. 1 article in the Financial Times that Carney will need “to prioritize public engagement and open debate” in his new role, which will include control of financial regulation as well as monetary policy.

He has also argued that policy makers should diversify their asset-purchase program from government bonds into corporate bonds and securitized loans, and do more to boost credit. The Bank of England stopped emergency bond purchases in November after buying 375 billion pounds ($599 billion) since March 2009.

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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