November 27, 2012

For Mark Carney to guide the economy to the "least intolerable destination”, is that not a too low expectation Mr. Wolf?

Sir, I have not seen any heartfelt intention on behalf of The Financial Stability Board, FSB, to throw out the window that paradigm of capital requirements for banks based on perceived risks, and that so distort the market and impedes the bank to fulfill efficiently their important economic resource allocation function. 

Therefore I can see no reason why congratulate Britain for having chosen Mark Carney, the current chairman of FSB to head Bank of England. Time will tell and let us pray for Britain´s sake it was a wise choice. 

Martin Wolf, in “Welcome to Britain, Mr Carney it needs you”, November 27, defines the task of the new governor of BoE as being that of “to guide the central bank and the economy towards the least intolerable destination.” 

I do agree with the importance of not creating too high expectations but those, even for someone like I who except for a deep feeling of admiration for Britain has very little to do with Britain, seems to be a bit too low. I think Britain needs and deserves more than "the least intolerable destination".