King’s Successor Must Be More Like Chairman, Lewis Says
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Bank of England Governor Mervyn King’s successor will have to limit involvement in the bank’s daily activities to cope with the breadth of new powers, said Stephen Lewis, an economist at Monument Securities Ltd.
The position will be more like that of a chairman of a company, with greater authority resting with the deputy governors, said Lewis, a four-decade veteran of London’s financial industry and a former schoolmate of King’s. The bank is getting unprecedented powers over financial stability and regulation to add to its monetary-policy remit.