Newspaper article The Evening Standard (London, England)

Want to See a Real Crisis? Just Show Governor Carney the Door

Newspaper article The Evening Standard (London, England)

Want to See a Real Crisis? Just Show Governor Carney the Door

Article excerpt

Byline: Simon English

THIS is a very strange country, Sven-Goran Eriksson once remarked, amazed at the extraordinary interest taken in his admittedly curious love life.

The former England football manager may not have much in common with Mark Carney, but he and the Bank of England Governor could compare notes and at least agree on that one.

Like the England football manager, every word the Governor utters is hung onto, pored over and invested with far more meaning than it can reasonably bear.

'If remarks cornflakes were If Carney remarks that his cornflakes were soggy, well, that must mean he's pondering a shift in monetary policy.

that mean a shift There are many reasons why this is so, but the main one is this: lots of people make a living from interpreting what the Governor (and the England football manager) really mean. As such, their living would clearly be in jeopardy if they merely reported that he said pretty much as in he had said 10 times before, and meant it each time.

I once asked Carney if he didn't find it annoying that every time he used a slightly different sentence to say the same thing, two hundred people went completely nuts. He rolled his eyes, and replied: "I wish it were only two hundred."

The mean-spirited City contingent that never liked the idea of having a foreigner in charge of the Bank in the first place lately scent blood. By inventing a split between him and Prime Minister Theresa May, they can fantasize that he's on his way after just three years.

The "split" comes down to this: she said in a speech that quantitative easing wasn't all good. Commentators decided she intends to take charge of monetary policy, wrecking the Bank of England's independence -- a huge leap from what she said, to be sure.

Carney said this would be a bad idea whether she had ever had it or not, and that he wouldn't "take instruction" from politicians. …

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