No cronies

Mervyn King does not think anyone thinks the Bank of England is excessively clubbable

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Mervyn King also rejected suggestions that the possible presence of bankers on the Financial Policy Committee – one of the new regulatory subsidiaries under the Bank – would lead to accusations of cronyism.

“I don’t think anyone thinks the Bank of England is susceptible to cronyism or it’s excessively clubbable,” he said, adding that one of the big changes in the past 20 to 30 years was that the Bank was no longer seen as a body promoting City interests but carrying out a public policy role on behalf of the UK. “Coming from the City is not in of itself a qualification.”

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