Governor of the Bank of England

Lord Davies of Stamford Excerpts

Tuesday 10th July 2012 Lords Chamber

[Lord Sassoon]

My Lords, I am not going to be drawn into a discussion of particular candidates, but the Bishops’ Bench is making some very notable contributions to the deliberations on the Financial Services Bill.

[Lord Davies of Stamford]

My Lords, Mervyn King has been a very distinguished governor and has made a major contribution to the science and art of inflation targeting, which is internationally recognised. Is it not desirable that in choosing his successor we choose someone not only of absolute integrity with great familiarity of the financial markets, and not just in the British amateur tradition, but someone who is a genuine monetary economist, is internationally respected in the field, and can hold his or her head high and deal on equal terms with Mario Draghi and Ben Bernanke, who are certainly in that category?

[Lord Sassoon]

My Lords, I am sure that whoever is selected and whoever is recommended by the Chancellor and the Prime Minister to the Queen, whose appointment it is, will be of the very highest quality.