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What can Mark Carney do?

First published: Prospect, 22/05/2013

The UK economy is showing some signs of growth, but nothing like pre-crisis levels. The burden of public debt is still too great, andifficult reforms must be made to the structure of the economy. But who do we call?

The government’s answer is Mark Carney, who starts work as the new Governor of the Bank of England at the end of June. Carney, a Canadian, will take office in Britain as an unelected official in one of the most powerful financial and regulatory positions in the British economy. Once installed, he will find himself at the centre of a highly sensitive and political situation. The debate is raging in Britain—as it is in other countries buffeted by five years of financial crisis and slump—about how to restore the economy to robust growth and what role a central bank can play in this process. These are controversial questions; Carney will be…..more