Monday 15 October 2012

Into Mervyn's Shoes?

Last Thursday Adair Turner used his Mansion House speech to pitch for the role of Governor of the Bank of England. Is he the man for the job? Very early on in the speech there's a "not me, guv" piece where he argues that he was not party to the failure of the FSA in the run-up to the financial crisis (he took the helm very shortly after Lehmans collapsed). Fair enough, although one might note that it was the Americans, not the FSA under Turner's watch, that spotted the Libor debacle. However, there is one big issue that he cannot avoid. That's his long term campaigning to get the UK to adopt the euro. He now admits he was wrong but that's one awful bad call (bad judgement). Should someone who got that so wrong be the next incumbent of Threadneedle Street? I'd say not.

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