Mervyn King’s mini mea culpa is missed opportunity

May 3, 2012

The Bank of England governor did admit to not shouting loudly enough about financial risks. Yet his retrospective largely ignored the many critics of central bank policy, after as well as before the crisis. Demands to make King’s successor more accountable are bound to increase.

Osborne should take King’s naughty fiscal gift

September 21, 2012

Mervyn King is at it again. The BoE governor made his support for the government’s austerity drive too plain and now is giving the Treasury excuses to miss its debt target. Chancellor George Osborne should accept the gift. Euro crisis helps the case for looser not tighter policy.

BoE’s King is caught in the trilemma trap

March 15, 2013

The UK central bank governor has decreed that sterling has fallen far enough. That’s easy to say, especially as Mervyn King is on the way out. But currencies fall when monetary policy is inflationary and capital flows freely. Words only slow the decline, or discredit the speaker.

Who’s in charge? I am, says Bank Governor

November 12, 2009

British opposition leader David Cameron wants to scrap Quantitative Easing as soon as possible, but on Wednesday the Governor of the Bank of England signalled pretty clearly that it’s none of his business. If a Conservative government wants to control what the Governor called “the decision about asset purchases” then it will have to change the law.

Inflation’s gonna be OK, says Merv

November 11, 2009

Mervyn King, Governor of the Bank of England, sees a long, hard road back to the path we thought we were on before the financial crisis broke. Just how long is shown by  Chart 2 in Wednesday’s Quarterly Inflation Report. The Bank’s Monetary Policy Committee does not expect Britain’s GDP to return to its peak, 2007, level until 2011, and there’s an outside chance that even in 2012, the country’s output will be no more than it was in 2006.