Former Bank of England policy maker David Blanchflower said Mark Carney is the “best available” leader for the U.K. central bank and probably will shake up the 318-year-old institution when he takes over.
Carney’s experience as Bank of Canada Governor, a former Goldman Sachs Group Inc. managing director and his doctorate in economics from Oxford University make him “a great appointment,” Blanchflower said today on Bloomberg Radio’s “The Hays Advantage” with Kathleen Hays and Vonnie Quinn.
Carney, 47, will become the first foreigner to run the central bank as it absorbs new powers as a banking regulator. He’ll replace Mervyn King from July as policy makers pursue record-low interest rates and asset-buying to propel the economy from its first double-dip recession since the 1970s.
“This guy is head and shoulders above the other candidates,” said Blanchflower, an economics professor at Dartmouth College in Hanover, New Hampshire, and Bloomberg Television contributing editor.
“The great thing about him is he’s going to come in with a big broom and sweep clean the Bank of England, which is what’s needed” because the central bank didn’t foresee the recession last decade and still faces an economy that’s “in the doldrums.”