Outgoing Bank of England policy maker Adam Posen said on Tuesday that he could have done better with his economic forecasting during the financial and euro zone debt crises, and welcomes three reviews of the central bank’s performance that period.
“I would always like us to do better,” Posen said in an interview with CNBC from Tokyo.
“I personally would have liked to have done better with my forecasting,” he said. “I'm glad there's going to be reviews because it's important that we're accountable and I don't mean that in a lip service sort of way.”
As the leading exponent of looser monetary policy on the Bank of England’s monetary policy committee (MPC), Posen’s decision to return to academia could result in more hawkish policy in general, depending on who replaces him over the coming months. Posen said BoE Governor Mervyn King and the rest of the MPC will not be driven by ideology when deciding what to do next.
“I think the current committee really are forecast-driven. They're not coming with ideological axes to grind, to a large degree, not coming with excessive fearsabout inflation problems, although obviously inflation has been a bit stickier than I had hoped it would be,” said Posen, who will not leave the Bank until later in the year.
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