Economics
Ex-BOE’s King Raps Central Banks for Losing Focus, Humility
- Central bankers need to stick closer to their inflation remit
- Economists shouldn’t pretend to be able to forecast, he says
This article is for subscribers only.
It would seem that Mervyn King isn’t a fan of what central bankers have been doing since he departed their ranks.
In a discussion of the economics profession and central banking on Wednesday, the former Bank of England governor expressed concerns ranging from the “narrow” focus of macroeconomics, a lack of humility among forecasters and the risks of straying into the realms of fiscal policy. He also chided policy makers for speaking out on issues such as climate change, a cause championed by his successor.