Mark Carney joined the Bank of England heralded as a superman. While he’s gone some way toward revolutionizing the three-century-old institution, there’s not much he can do to achieve a balanced recovery.
The BOE governor is set to address an international audience of business representatives tomorrow in Glasgow, with Britain struggling to entrench a revival in exports as business investment and consumers drive the U.K. economy.
The obstacles Carney faces are the sluggish European Union economy and the drag of the strengthening pound. While European Central Bank President Mario Draghi is expanding stimulus, until the euro region is ready to buy more from Britain the goal of a shift away from household spending may remain elusive.