{"id":5629,"date":"2019-06-05T15:06:44","date_gmt":"2019-06-05T15:06:44","guid":{"rendered":"https:\/\/progressiveeconomyforum.com\/development\/?p=5629"},"modified":"2019-06-18T14:37:27","modified_gmt":"2019-06-18T14:37:27","slug":"next-bank-of-england-governor-must-serve-the-whole-of-society","status":"publish","type":"post","link":"https:\/\/progressiveeconomyforum.com\/development\/blog\/next-bank-of-england-governor-must-serve-the-whole-of-society\/","title":{"rendered":"Next Bank of England governor must serve the whole of society"},"content":{"rendered":"\n

94 academics and representatives of civil society organisations, including 10 members of the PEF Council, call for Mark Carney\u2019s successor to be someone who will foster a pluralistic policymaking culture.<\/em><\/strong><\/p>\n\n\n\n

Eleven o\u2019clock on Wednesday evening is the deadline for applicants to put themselves forward to be the next governor of the Bank of England<\/a>. Candidates are asked to commit to an eight-year term lasting until 2028. By then the world will be a very different place. Three key trends will shape their time in post.<\/p>\n\n\n\n

First, environmental breakdown is the biggest threat facing the planet. The next governor must build on Mark Carney\u2019s legacy, and go even further to act on the Bank\u2019s warnings by accelerating the transition of finance away from risky fossil fuels. Second, rising inequality, fuelled to a significant extent by monetary policy, has contributed to a crisis of trust in our institutions. The next governor must be open and honest about the trade-offs the Bank is forced to make, and take a critical view of how its policies impact on wider society. Third, the UK economy is increasingly unbalanced and skewed towards asset price inflation. Banks pour money into bidding up the value of pre-existing assets, with only \u00a31 in every \u00a310 they lend supporting non-financial firms. The next governor must seriously consider introducing measures to guide credit away from speculation towards productive activities.<\/p>\n\n\n\n

As the world around it changes, the function of the Bank itself must evolve. Its current mandate and tools are increasingly coming into question, and a future government may assign the Bank with a new mission. The next governor must meet this with an open mind, not seek to preserve the status quo. To equip the Bank to meet the challenges of the future, the new governor will also need to ensure it benefits from a greater diversity of backgrounds, experience and perspectives throughout the organisation. The Bank of England\u2019s own stated purpose is to promote the good of the people. We need a governor genuinely committed to serving the whole of society, not just financial markets.<\/p>\n\n\n\n

Fran Boait<\/strong> Positive Money<\/em>
Josh Ryan-Collins<\/strong> UCL IIPP<\/em>
John Sauven<\/strong> Greenpeace UK<\/em>
Tom Kibasi<\/strong> IPPR<\/em>
Craig Bennett<\/strong> Friends of the Earth (England, Wales & Northern Ireland)<\/em>
Will Hutton<\/strong> Author and academic<\/em>
Patrick Allen<\/strong> Progressive Economy Forum<\/em>
Faiza Shaheen<\/strong> Class<\/em>
Ann Pettifor<\/strong> Prime Economics<\/em>
Kate Raworth<\/strong> University of Oxford<\/em>
Christopher Pissarides<\/strong> London School of Economics<\/em>
Yanis Varoufakis<\/strong> University of Athens<\/em>
Prem Sikka<\/strong> University of Sheffield<\/em>
Danny Dorling<\/strong> University of Oxford<\/em>
Asad Rehman<\/strong> War on Want<\/em>
Guy Standing<\/strong> SOAS<\/em>
David Hillman<\/strong> Stamp Out Poverty<\/em>
Catherine Howarth<\/strong> ShareAction<\/em>
Maeve Cohen<\/strong> Rethinking Economics<\/em>
Jonathan Michie<\/strong> University of Oxford<\/em>
Natalie Sharples<\/strong> Health Poverty Action<\/em>
Joe Guinan<\/strong> The Democracy Collaborative<\/em>
Nick Dearden <\/strong>Global Justice Now<\/em>
Steve Keen <\/strong>UCL Institute for Strategy, Resilience & Security<\/em>
Jason Hickel<\/strong> Goldsmiths, University of London<\/em>
Tony Greenham<\/strong> Royal Society of Arts<\/em>
Johnna Montgomerie<\/strong> Kings College London<\/em>
John Weeks<\/strong> SOAS<\/em>
Frances Coppola<\/strong> Financial commentator and author<\/em>
Dimitri Zenghelis<\/strong> Cambridge University<\/em>
Rick Van Der Ploeg<\/strong> University of Oxford<\/em>
Molly Scott Cato<\/strong> University of Roehampton<\/em>
Ben Carpenter<\/strong> Social Value UK<\/em>
Philippe Aghion<\/strong> London School of Economics<\/em>
Felix Fitzroy<\/strong> St Andrews<\/em>
Marianne Sensier<\/strong> University of Manchester<\/em>
Christine Cooper<\/strong> University of Edinburgh<\/em>
Elisa Van Waeyenberge<\/strong> SOAS<\/em>
Roberto Veneziani<\/strong> Queen Mary University of London<\/em>
Andrew Denis<\/strong> City University<\/em>
Stewart Lansley<\/strong> University of Bristol<\/em>
Dimitris Sotiropoulos<\/strong> Open University UK<\/em>
Ulrich Volz<\/strong> SOAS<\/em>
Panicos Demetriades<\/strong> University of Leicester<\/em>
Maria Nikolaidi<\/strong> University of Greenwich<\/em>
Julia Steinberger<\/strong> University of Leeds<\/em>
Sue Konzelmann<\/strong> Birkbeck University<\/em>
Roger Seifert<\/strong> Wolverhampton Business School<\/em>
Ozlem Onaran<\/strong> University of Greenwich<\/em>
Neil Lancastle<\/strong> De Monfort University<\/em>
Yannis Dafermos<\/strong> University of the West of England<\/em>
Alberto Botta<\/strong> University of Greenwich<\/em>
David Tyfield<\/strong> Lancaster University<\/em>
Kate Pickett<\/strong> University of York<\/em>
Philip Haynes<\/strong> University of Brighton<\/em>
Richard Wilkinson<\/strong> University of Nottingham<\/em>
Peter Sweatman<\/strong> Climate Strategy & Partners<\/em>
David Graeber<\/strong> London School of Economics<\/em>
Richard Murphy<\/strong> City University<\/em>
John Christensen<\/strong> Tax Justice UK<\/em>
Anna Laycock<\/strong> Finance Innovation Lab<\/em>
Colin Hines<\/strong> Green New Deal Group<\/em>
Sarah-Jayne Clifton<\/strong> Jubilee Debt Campaign<\/em>
Line Christensen<\/strong> Jubilee Scotland<\/em>
Stewart Wallis<\/strong> Wellbeing Economy Alliance<\/em>
Benjamin Braun<\/strong> Max Planck Institute for the Study of Societies (MPIfG)<\/em>
Fiona Dove<\/strong> The Transnational Institute<\/em>
Annelise Riles<\/strong> Buffett Institute for Global Studies<\/em>
Ellen Brown<\/strong> Public Banking Institute<\/em>
Johan Frijns<\/strong> Banktrack<\/em>
Beno\u00eet Lallemand<\/strong> Finance Watch<\/em>
Joshua Farley<\/strong> International Society for Ecological Economics<\/em>
Ole Bjerg<\/strong> Copenhagen Business School<\/em>
Stephany Griffith-Jones<\/strong> Columbia University<\/em>
David Boyle<\/strong> The New Weather Institute<\/em>
Mark Blyth<\/strong> Brown University<\/em>
Bernard Barthalay<\/strong> Universit\u00e9 Lumi\u00e8re (Lyon)<\/em>
Giorgos Kallis<\/strong> Universitat Aut\u00f2noma de Barcelona<\/em>
Jean-Marc Ferry<\/strong> Alliance Europa<\/em>
Joseph Huber<\/strong> Martin Luther University of Halle-Wittenberg<\/em>
Ladislau Dowbor<\/strong> Catholic University of S\u00e3o Paulo<\/em>
Livio Di Matteo<\/strong> Lakehead University<\/em>
Marc Lavoie<\/strong> University of Ottawa<\/em>
Mark Sanders<\/strong> Utrecht University<\/em>
Sergio Rossi<\/strong> University of Fribourg, Switzerland<\/em>
Michel Lepetit<\/strong> The Shift Project<\/em>
Dirk Ehnts<\/strong> Technical University of Chemnitz<\/em>
Johann Walter<\/strong> Westf\u00e4lische Hochschule Gelsenkirchen<\/em>
Steven Hail<\/strong> University of Adelaide<\/em>
Ludovic Desmedt<\/strong> University of Burgundy<\/em>
Terrence McDonough<\/strong> National University of Ireland Galway<\/em>
Rodrigo Fernandez<\/strong> Centre for Research on Multinational Corporations (SOMO)<\/em>
Jean Luc de Meulemeester<\/strong> The Solvay Brussels School of Economics<\/a> and Management<\/em><\/p>\n\n\n\n

Photo credit: James Mitchell \/ Flickr<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

94 academics and representatives of civil society organisations call for Mark Carney\u2019s successor to be someone who will foster a pluralistic policymaking culture.<\/p>\n","protected":false},"author":11,"featured_media":5631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[205],"class_list":["post-5629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-monetary-policy"],"acf":[],"authors":[{"term_id":237,"user_id":0,"is_guest":1,"slug":"pef","display_name":"PEF"}],"_links":{"self":[{"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/posts\/5629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/comments?post=5629"}],"version-history":[{"count":3,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/posts\/5629\/revisions"}],"predecessor-version":[{"id":5960,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/posts\/5629\/revisions\/5960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/media\/5631"}],"wp:attachment":[{"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/media?parent=5629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/categories?post=5629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/progressiveeconomyforum.com\/development\/wp-json\/wp\/v2\/tags?post=5629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}