BoE Shake Up Announces Two New Deputies

Two new deputy governors have been named at the Bank of England, as part of a radical shake-up by governor Mark Carney.

Ben Broadbent will become deputy governor responsible for monetary policy, and Nemat Shafik will take charge of markets and banking.

Both will sit on the rate-setting monetary policy committee (MPC).

And Andy Haldane, executive director for financial stability, will swap jobs with chief economist Spencer Dale.

The appointments are the first of several changes being made as part of what Mr Carney has said will be a “root-and-branch” review of how the Bank conducts market intelligence, following criticism of its response to claims of manipulation of foreign exchange (forex) rates.

It is thought he will use a speech in London on Tuesday evening to announce his plans to modernise the Bank.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza