From the position description,
The Governor leads the Bank of England, and plays an important role in setting monetary and regulatory policy, chairing the Monetary Policy Committee, the Financial Policy Committee and (from next year) the board of the Prudential Regulation Authority....
The Governor will work closely with the Chancellor of the Exchequer and H M Treasury, which is responsible for setting the framework under which the Bank operates.
The new Governor will lead the Bank through major reforms to the regulatory system, including the transfer of new responsibilities that will see the Bank take the lead in safeguarding the stability of the UK financial system.
The successful candidate must demonstrate that they can successfully lead, influence and manage the change in the Bank’s responsibilities, inspiring confidence and credibility both within the Bank and throughout financial markets.
The successful candidate will have experience of working in, or with, a central bank or similar institution; or will have worked at the most senior level in a major bank or other financial institution.
He or she will demonstrate strong leadership, management and policy skills; will have an advanced understanding of financial markets and good economic knowledge.
He or she will be a strong communicator, have good interpersonal skills and will be a person of undisputed integrity and standing.Please note that absent from the list was the ability to spot the current financial crisis before it occurred. This is the critical requirement if the next Governor of the Bank of England is to have any credibility on day 1 and not be seen as simply an appointment to protect the status quo.
If they couldn't spot the last crisis beforehand, why should anyone believe a) they know how to conduct policies that will get us out of the current crisis or b) they could ever spot the next crisis.
Before you assume that your humble blogger is running for Governor of the Bank of England, regular readers know that I do not have the political instincts or, because of a non-verbal learning disability, the interpersonal skills for the job.
This can be easily shown by the simple fact that I am the type of person who says that banks should be required to recognize all the losses currently hidden on and off their balance sheets today regardless of the short- and long-term damage this might do to banker cash bonuses.
Now is that anyway to get the financial markets to sing your praises?