King Reigns Unchallenged at BOE Due to Lax Regime, Posen Says

Former Bank of England policy maker Adam Posen said Governor Mervyn King exerts too much power that goes unchallenged by officials at the central bank.

Supervision of the governor and other executives by the central bank’s court was “very lax,” Posen told lawmakers in Parliament today. He spoke during an unprecedented “debriefing” on his time on the bank’s Monetary Policy Committee, which ended in August.