Economist and former member of the Bank of England’s (BoE) Monetary Policy Committee, Adam Posen said while outgoing governor of the BoE Mervyn King will be remembered as being a great public servant, he made a series of misjudgements which he has to take account for.
Posen, who is also president the Peterson Institute for International Economics said King’s record, including his decision to nationalize one of the U.K.’s biggest mortgage lenders, Northern Rock was “not great”.
“On the financial regulatory side, he has got a series of misjudgements, I don’t think they were criminal by any means, but be it Northern Rock or the decision to kick supervision out of the bank of England and now start to take it back in – it’s not a great record,” he told CNBC.
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