Open letter calls for next BoE governor to ‘serve the whole of society’
94 signatories urge BoE to “evolve” to tackle major problems
A large group of academics and public figures has called for the new Bank of England governor to address issues such as climate change and rising inequality.
An open letter setting out desirable characteristics for the future governor was published in the Guardian on June 4. Applications close for the position of new BoE governor today (June 5).
The letter says the function of the BoE needs to “evolve”, and stresses the need for the central bank to play a role in preventing environmental breakdown and rising inequality. It also highlights recent asset price inflation, suggesting the new governor considers “measures to guide credit away from speculation towards productive activities”.
The letter currently has 94 signatories, including Christopher Pissarides, a Nobel laureate in economics, and Yanis Varoufakis, former Greek minister of finance. They were also joined by former central bankers including Panicos Demetriades, who was governor of the Central Bank of Cyprus, and Stephany Griffith-Jones, previously an economist with the Central Bank of Chile.
The letter ends: “We need a governor genuinely committed to serving the whole of society, not just financial markets.”
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