View more on these topics

MPC’s Posen to become president of the Peterson Institute

Monetary Policy Committee member Adam Posen will become president at the Peterson Institute for International Economics when his three-year term ends in August.

Posen has been been a strong advocate for quantitative easing and today admitted that he had underestimated the effects of the current asset purchase programme, suggesting he may back calls for more QE in next month’s MPC meeting.

Posen was deputy director at the Washington-based research institution PIIE between 2007 and 2009, and was a senior fellow there during his time on the MPC.

Bank Governor Mervyn King says: “I congratulate Adam on his appointment to lead the highly respected and admired Peterson Institute. On behalf of the Bank, I want to thank Adam for his outstanding contribution to the MPC over the past three years and wish him well in his new role.”

Posen says: “I am deeply grateful to the superb staff of the Bank of England, to the Governor and all of my colleagues on the MPC, and to Her Majesty’s Treasury for enabling me to make a contribution to British monetary policy during this difficult and challenging period.

“I am proud of the work we have done trying to understand and stabilize UK economic performance in the aftermath of the global crisis. I also am sincerely grateful to the many people from all areas of the United Kingdom who engaged with me openly and frankly during my travels for the MPC.”

Recommended

1

Gross mortgage lending plunges 19% in April

Gross mortgage lending fell by 19 per cent in April from £12.6bn in March to an estimated £10.2bn according to the Council of Mortgage Lenders’ latest figures. The trade body says that the sharp decline in lending is likely to have been down to the stampede of first-time buyers who brought forward their transactions in […]

1

MPs warned off strict liability for directors

MPs have been warned that introducing strict liability for directors of financial institutions will make it harder to get people to take up roles on boards and lead to big increases in litigation. The warnings came from the Financial Reporting Council and Sir David Walker, who was one of the people brought in to help […]

Santander appoints CIO as Bearman leaves

Santander Asset Management has named Butterfield Bank’s David Stewart as its chief investment officer following the departure of John Bearman. Stewart was group chief investment officer at Butterfield Bank, and previously head of investments at MGM Assurance. Bearman left Santander to become chief investment officer at Thomas Miller Investment. Thomas Miller Investment chief executive Mike […]

2

Roger Edwards: Meetings key to overcoming protection objections

I had a moment of epiphany recently during a talk to a group of advisers where I was giving them marketing ideas about how to grow their businesses. We were debating the reasons why people just do not see it as a priority to buy protection insurance. I went through the main reasons which I […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment