markets

BOE's Carney Says Central Banking Comes Down to Trust in Money

The primary role of central banks is maintain trust in money, according to Mark Carney.

Speaking on a panel in Stockholm on the future of central banking, the Bank of England governor said the “past, present and the future” of institutions came down to holding on to public confidence. Carney said that, in order to keep money safe, the BOE has overhauled the financial system since the crisis, making it more resilient to shocks such as cliff-edge Brexit.

The governor also said he was open-minded about the prospect of a central-bank-issued digital currency, but added such a thing was not imminent, and that cryptocurrencies currently don’t perform the role of money.

Carney concluded by saying that the BOE was trying to boost diversity within the institution, adding that, by looking beyond those with a economics background, “the future of central banking may involve fewer central bankers.”

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