Mark Carney is new Bank of England Governor

[TalkinPeace2]

a good thing?
I have my fingers crossed.

Given that Gidiot has appointed him to "promote growth for families and business" and Gidiots own policies are failing abysmally I don't hold out much hope. Add to that the fact he was at Goldman Sachs for 13 years...

I'm optimistic. He's a bit of a star in his home country having led Canada's finances successfully through the credit crunch. No mean feat. Not been promoted from within & not weighed down with BofE traditions so he's able to be a new broom. Supported by all sides of the House - fulsome praise for Osborne's choice from Balls - which has to be a good thing.

I'm just a bit depressed this morning to have read his biog and he's younger than me

I'm sure we could have found someone British though. There are 70 million of us to chose from.

You don't have to say you're an old gimmer TalkinPeace2.... the fact that you actually read his biog tells us that.... :)

@YDdraig... but which British person with high-level international banking/economics experience would you be able to choose that wasn't tainted by the 2008 crash?

YDdraigor tainted by over chummy emails to Bob Diamond when he was busy rigging Libor?

Cogito side effect of being an auditor - incurably nosy

Good point.

I am very dubious. Yes he got Canada through the financial crisis but with a booming economy based on natural resources and a tiny banking/finance sector compared to London.

He may be a good central banker, he may even turn out to be a very good BoE Governor but frankly his experience in Canada is near irrelevant to the UK situation.

What I want to see him do is come in and sell out all the Gilts the BoE bought under Quantitative Easing - without losing taxpayers money. I also want him to raise rates to equal the real rate of inflation so savers get a decent return. Finally, I want him to make banks reveal the true scale of bad loans on their balance sheets.

That will test his resove and his skills.

Morebeta
its worth reading his full CV - and that of his wife.
I first heard of him in an Economist article, but his whole track record shows a different approach .....

I live in Canada where he is very well regarded and where there is a certain amount of wringing of hands about his departure. He is very well thought of in banking and regulatory circles and certainly given a lot of the credit for Canada doing pretty well through the financial crisis despite huge exposure to the mess in the States. Parts of Canada do have significant natural resources but really only Alberta is booming, Ontario and Quebec where most of the people/industry/banking sector is based has struggled. The Canadian financial system is very conservative though, so it will be interesting to see how he does. Expectations are certainly very high.

I was totally shocked by the announcement but very keen to see what his approach will be and how things will turn out!

I think he will do a good job but it's important we don't have unrealistic expectations like many first did back when Obama was elected.

From what I've read he's well respected by just about everyone, has great experience, second to none contacts and is not only suitably qualified in his own right but is also able to manage & lead. Very important skills for a man in his position.

As Robert Peston said that even Ed Balls complimented the choice. And that's as rare as hen's teeth. Ed complimenting something that Gideon has done.

A somewhat realistic and slightly sceptical piece from the Telegraph sums it up for me under the following headline.

Carney the Canadian is 'the world's greatest central banker', since Alan Greenspan?

The final paragraph is how I feel about the appointment:

"The UK certainly needs this appointment to work out, but the new arrival deserves continuous scrutiny from sceptical parliamentarians and, yes, from a (hopefully) free press. After all, Mark Carney is a banker, not a magician."

I hope he does a great job but am also a little uncomfortable with the hype so far.

I think interest rates will rise under his watch. Hopefully.

unlikely - because the level of government debt massively outweighs the interests of savers

Carney will be known as carnage before long! He will implement unpopular measures and then the tories can pass the buck to him on the back of his success in Canada.

PHWOARRRRRR

he can fiddle with my central reserve any day

lowering the tone since 2003

Mark Carney - come and ease me, quantatively

my interest rate is set to HIGH HIGH HIGH

agreed
like a straight Clooney

but married with 4 kids and a hockey playing wife .....

oh i ve googled her.
id HAVE her

even though she has the brain of a HOUSE