King argues against radical BoE changes

01/23/2013 | Wall Street Journal, The

Bank of England Governor Mervyn King defended a decision not to adopt radical policies, which his successor, Mark Carney, seems willing to consider. Speaking about a shift to targeting nominal gross domestic product at the expense of inflation concerns, King said, "A long-run target of 2% inflation should be an essential part of our macroeconomic framework. It would be irresponsible to lose that." He conceded that compared with other developed nations, "our recovery has been noticeably slower".

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