Carney agrees with King: Bank of England not a "one-man show"

Tue May 21, 2013 3:44pm EDT
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* BoE head urged Carney not to import BoC forward guidance

* Carney says King is right that BoE is a team effort

* Says as much to do on financial reform as has been done

By Leila Lemghalef

MONTREAL, May 21 (Reuters) - The next head of the Bank of England, Mark Carney, agreed on Tuesday with current Governor Mervyn King that the British central bank could not be run as a one-man show.

King made his remarks in a television show broadcast on Sunday, during which he also urged Carney not to bring to Britain the policy he had launched at the helm of the Bank of Canada of spelling out how long interest rates would remain low.

King said Carney would work with the rest of the Bank of England's Monetary Policy Committee: "It's not a one-man show."

"He's absolutely right, Mervyn, as he is in all things - Mervyn is absolutely right," Carney told a news conference in Montreal, his last as Bank of Canada governor.

The Bank of England has tremendous responsibilities, in monetary policy, in supervising banks and insurance companies, and macro-prudential policy, he said. "But each of those responsibilities are discharged by committees of which the governor of the Bank of England is only one member."   Continued...