Mark Carney appears in front of U.K. Treasury Committee
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Bank of Canada governor Mark Carney testifies before the U.K. Treasury Committee Thursday to answer questions on why he wants to be the Bank of England governor for just five years instead of eight, and why he thinks central banks should move away from inflation targets. Carney will begin his new job as Bank of England governor July 1.
The Globe's Paul Waldie (@pwaldieGLOBE) is at the hearing, and sending his live updates below.
For Paul Waldie's full story on Carney's appearance, click here.
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Mark Carney may be a rock star to some but only 6 people here to watch his appearance at a UK committee hearing, 4 are reporters.by Paul Waldie via twitter 2/7/2013 11:01:47 AM -
Crowd for Mark Carney hearing a bit bigger now. About a dozen. Hardly rock star status though. One British guy did get here at 7 am.by Paul Waldie via twitter 2/7/2013 11:01:49 AM
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Well at least Mark Carney has brought out the big guns, literally. Two cops with big guns standing outside the committee room.by Paul Waldie via twitter 2/7/2013 11:01:52 AM
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Mark Carney hearing is in the Thatcher Room. Not sure what that says about him or the committee cby Paul Waldie via twitter 2/7/2013 11:01:53 AM
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Now the public seats are full for Carney hearing. Probably 50 People here. A few more in an overflow room.by Paul Waldie via twitter 2/7/2013 11:01:56 AM
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Carney says in written statement one of his priorities at B of E is deliver price stability and promote sustained recovery in UK.by Paul Waldie via twitter 2/7/2013 11:01:57 AM
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Carney hit with questions about his pay and 5 year term. Carney say pay is fair and equal in broad terms same as current Gov.by Paul Waldie via twitter 2/7/2013 11:01:58 AM
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Carney asked about political ambitions. Tells committee "I have no political ambitions".by Paul Waldie via twitter 2/7/2013 11:01:59 AM
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Carney is asked if he would consider staying longer than than 5 years at Bank of England. Says nope.by Paul Waldie via twitter 2/7/2013 11:02:06 AM
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Carney says he knew deadline had passed for BOE job when he applied, but said there was a different process for sitting governors.by Paul Waldie via twitter 2/7/2013 11:02:07 AM
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Carney has provided committee with written responses to questions that runs 45 pages.by Paul Waldie via twitter 2/7/2013 11:02:07 AM
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In his written statement, Carney says BOE should consider debating whether to move away from inflation targets.by Paul Waldie via twitter 2/7/2013 11:02:08 AM
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Carney is asked repeatedly about his pay, which is about $1.2m, and says it excludes pension and is similar to outgoing Govby Paul Waldie via twitter 2/7/2013 11:02:09 AM
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Carney acknowledges that he is not an expert on insurance regulation which will be part of job at BOE.by Paul Waldie via twitter 2/7/2013 11:02:09 AM
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Carney is asked in written questions which economists have influenced him, he declines to answerby Paul Waldie via twitter 2/7/2013 11:02:10 AM
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Carney says he'll have a vision for the BOE within 6 months.by Paul Waldie via twitter 2/7/2013 11:02:11 AM
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Carney tells committee he'll be more of a managing partner at BOE, not an emperor.by Paul Waldie via twitter 2/7/2013 11:02:12 AM
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Carney says in written responses that there are similarities between Japanese economic experience and UK.by Paul Waldie via twitter 2/7/2013 11:02:13 AM
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Carney says "buy in" needed to make bank more flexible on inflation targets. Says debate needed in UK.by Paul Waldie via twitter 2/7/2013 11:06:55 AM
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Carney says BOE is on "verge" of meeting too many times re monetary policy. It meets 12 times annually vrs 8 for BOC.by Paul Waldie via twitter 2/7/2013 11:13:42 AM
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Carney says UK should consider using a public commitment to keep rates at a certain level for some time, as he did in Canada.by Paul Waldie via twitter 2/7/2013 11:25:20 AM
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Carney says announcing low rates for a specified period worked on Canada and should be considered here.by Paul Waldie via twitter 2/7/2013 11:29:05 AM
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Carney tells committee there will still be slack in UK economy when he takes over in July and stimulus likely needed.by Paul Waldie via twitter 2/7/2013 11:36:05 AM
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Carney says flexible inflation targeting is still best option for UK.by Paul Waldie via twitter 2/7/2013 11:37:05 AM
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Carney says he has had a couple of discussions with Chancellor of Exchequer re changing BOE inflation targeting.by Paul Waldie via twitter 2/7/2013 11:39:51 AM
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Carney says there are advantages, in theory, to nominal GDP targeting especially in situations like UK.by Paul Waldie via twitter 2/7/2013 11:43:30 AM
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But Carney adds that for nominal GDP targeting to work everyone has to understand it and it can be too complicated.by Paul Waldie via twitter 2/7/2013 11:45:49 AM
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Carney says he is not convinced nominal GDP targeting works. But it is worth discussing and UK economy is best suited to try.by Paul Waldie via twitter 2/7/2013 11:48:59 AM
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Carney says BOE should respond to questions from government about its mandate, but only if asked. Otherwise policies can confuseby Paul Waldie via twitter 2/7/2013 11:58:06 AM
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Carney insists he will be completely independent from government and politicians.by Paul Waldie via twitter 2/7/2013 11:59:09 AM
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Carney says he should be judged on level of price stability over next 5 years not economic growth over that time.by Paul Waldie via twitter 2/7/2013 12:02:49 PM
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Carney acknowledges that regional growth in UK is critical. BOE has a reputation of being London centric.by Paul Waldie via twitter 2/7/2013 12:04:14 PM
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Carney says BOE should only rarely comment on fiscal policy. Has no plans to debate it.by Paul Waldie via twitter 2/7/2013 12:08:11 PM
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Carney says a debate is already underway about the Bank's mandate and he reserves the right to participate in it.by Paul Waldie via twitter 2/7/2013 12:10:32 PM
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Carney says he is not advocating nominal GDP targeting but agrees that UK economy is primed for it and can see why others want itby Paul Waldie via twitter 2/7/2013 12:16:55 PM
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Carney shies away from questions about QE.by Paul Waldie via twitter 2/7/2013 12:17:31 PM
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Pressed Carney says BOC research shows that returns of QE have declined.by Paul Waldie via twitter 2/7/2013 12:19:19 PM
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Carney says there are still enormous challenges in Europe and that it is in UK interests for Eurzone to get back on its feet.by Paul Waldie via twitter 2/7/2013 12:30:09 PM
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Carney says he supports banking union in Europe. Says it will benefit UK.by Paul Waldie via twitter 2/7/2013 12:30:40 PM
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Carney says he wanted to be clear re his thoughts on inflation targeting. Likely because of so much media attention to his comments.by Paul Waldie via twitter 2/7/2013 12:33:41 PM
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Committee chair Andrew Tyrie jokes that Carney looks like a fit man so committee will only break for 5 mins.by Paul Waldie via twitter 2/7/2013 12:45:05 PM
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Tyrie adds to Carney. "You have certainly demonstrated you know how to handle committees like this.by Paul Waldie via twitter 2/7/2013 12:46:27 PM
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Committee back questioning Mark Carney. Now on financial policy.by Paul Waldie via twitter 2/7/2013 12:53:15 PM
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Carney says spread between borrowing and saving rates in UK "are a cause for concern".by Paul Waldie via twitter 2/7/2013 1:04:15 PM
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Asked if British banks should be broken up Carney says "I don 't know ".by Paul Waldie via twitter 2/7/2013 1:06:41 PM
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Carney says wrongdoing by banks, ie Libor, is reprehensible but it is not the mandate of bank to go after them.by Paul Waldie via twitter 2/7/2013 1:11:31 PM
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Carney comes to defence of Canadian banks when one MP says all big banks criminal. Says he takes issue with that re Canadian banks.by Paul Waldie via twitter 2/7/2013 1:13:15 PM
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Carney facing questions about how to improve small business lending by banks. Says there are options but talks in general termsby Paul Waldie via twitter 2/7/2013 1:31:09 PM
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Committee is running out of steam on Carney. Some members have left and hearing is going on much longer than normal.by Paul Waldie via twitter 2/7/2013 1:35:52 PM
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Only 8 of 13 committee members left at Carney hearing. Now talking leverage ratios at European banks.by Paul Waldie via twitter 2/7/2013 1:41:39 PM
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Carney jokes that all the high expectations about his appointment may have been lowered by his testimony.by Paul Waldie via twitter 2/7/2013 1:45:26 PM
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Carney says he was surprised at manipulation of Libor and the extent of it. "Something we found shocking".by Paul Waldie via twitter 2/7/2013 1:48:12 PM
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Carney says he is not a fan of US Volker rule and wouldn't adopt in UK.by Paul Waldie via twitter 2/7/2013 1:49:40 PM
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Committee. Done.by Paul Waldie via twitter 2/7/2013 1:49:50 PM
