Mark Carney - Bank of England


Last quote by Mark Carney

We would have had to do an alternative forecast with some variant of a disorderly negotiating process, and we have not done
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May 11 2017 Brexit
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Mark Carney is associated, including England, U.K., and market. Most recently, Mark Carney has been quoted saying: “This is going to be a more challenging time for British households over the course of this year. Real income growth, to use our terminology, will be negative. To use theirs, wages won't keep up with prices for the goods and services they consume.” in the article Bank of England says solid economic growth is linked to 'smooth' Brexit.
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Mark Carney quotes

There are tremendous economies of scale and scope in clearing multiple currencies in one location. We will work hard with European authorities to ensure that the appropriate amount of euro business continues to be cleared in

This road leads to more jobs, higher sustainable growth and better risk management across the

It is all too easy to give in to protectionism, but the road less taken is often the most rewarding. All the conditions are in place for following the high road of mutual recognition and co-operation both with Europe and across the

Look, (it's) a single data point. You never overreact to a single data

For those who have questioned whether we 'get it', we do. We know this honest mistake was also a serious mistake - one that was compounded by the fact that Charlotte Hogg had overseen the development of our new code (of conduct). We must not let recent events inadvertently tighten perceived standards for the industry because that could have senior managers running scared, drive compliance underground and undermine our collective

Its results will be made public. In other words, consistent with our higher standards, the Bank planned a tougher response than we would expect in the private sector, but one that, in our judgment, was still proportionate to an honest mistake that was freely and transparently

We must not let recent events inadvertently tighten perceived standards for the industry because that could have senior managers running scared, drive compliance underground and undermine our collective

But giving into it would mean that essential standards are neither completed nor fully

While I fully respect her decision taken in accordance with her view of what was the best for this institution, I deeply regret that Charlotte Hogg has chosen to resign from the Bank of

Apra is not first prudential regulator to make statements about

Put simply, long after the original trigger becomes remote, perceptions endure. (People) become embedded in economic narratives and their salience persistently affects risk perceptions and economic

Now that dynamic will start to be tested as this year

The committee took the judgment which in retrospect was correct. We still have the same policy stance so it's hard to sit here and say, well, we shouldn't have done

The Brexit journey is really just beginning. While the direction of travel is clear, there will be twists and turns along the way. Whatever happens, monetary policy will be set to return inflation sustainably to target while supporting the necessary adjustments in the

This stronger projection doesn't mean the referendum is without consequence. Uncertainty over future arrangements is weighing on business investment which has been flat since the end of 2015. Business investment is expected to be around a quarter lower in three years time than projected prior to the referendum, with material consequences for productivity, for wages and for

The Brexit journey is really just beginning. While the direction of travel is clear, there will be twists and turns along the way. The thing that we missed is the strength of consumer spending and consumer confidence associated with that. In many respects, we're coming to the last seconds of central bankers' 15 minutes of fame, to use the Warhol line, which is a good

In many respects, we're coming to the last seconds of central bankers' 15 minutes of fame, to use the Warhol line, which is a good thing. It's a more balanced policy mix. Also structural policy is becoming more important, trade policy clearly important here and

After all, the history of financial innovation is littered with examples that led to early booms, growing unintended consequences, and eventual

Growth is expected to remain below past averages for the next few years. One corroborating indicator of this potential deceleration is that the UK expansion is increasingly

Monetary policy can respond, in either direction, to changes to the economic outlook as they unfold to ensure a sustainable return of inflation to the 2 percent

At present, households appear to be entirely looking through Brexit-related

I am not saying there are not financial stability risks in the UK. And there are economic risks to the UK. But there are greater short-term risks on the continent in the transition than there are in the

It is vital, however, that we learn the lessons of this flash event and similar episodes in other financial markets, as orderly market functioning underpins market confidence. It is also important that firms have adequate governance, systems and controls and give due consideration to the potential impact of their activity on market

What we as a committee will have to think about, and it is a big call, is whether there is anything that should be done, above and beyond making sure the core of the system is resilient to this. It is a big step to go beyond

At some point, losing elements of that has outsized, could have outsized effects, and these are some of the judgments that the government will have to

I think that the financial stability risks around that process are greater on the continent than they are for the UK. I'm not saying there are not financial stability risks to the UK, and there are economic risks to the UK. But there are greater financial stability risks on the continent in the short term, for the transition, than there are for the

The MPC remains committed, as always, to taking whatever action is needed to ensure that inflation expectations remain well anchored, and that inflation returns to the target in a sustainable fashion and over an appropriate

It remains the case that only one third of the top 1,000 U.S. companies produce broadly comparable information on the climate risks they

With the right information, you can have optimists and pessimists (on climate change) ... back decisions with capital. This is about giving people the right

The disclosure recommendations will give financial markets the information they need to manage risks and seize opportunities stemming from climate

The challenge is that investors currently don't have the information they need to respond to these developments. This must change if financial markets are going to do what they do best: allocate capital to manage risks and seize new

But it is the whole suite of policies around trade, and recognising that some are left behind by trade, through no fault of their

There are limits, however, to the extent to which above-target inflation can be

We meet today in the first lost decade since the 1860s. In the wake of a global financial crisis. And in the midst of a technological revolution that is once again changing the nature of

The combination of open markets and technology means that returns in a globalized world amplifies the rewards of the superstar and the lucky. Now may be the time of the famous or fortunate, but what of the frustrated and frightened?feedback

Has monetary policy robbed savers to pay borrowers? Has the MPC been Robin Hood in reverse? In a word,

Turning our backs on open markets would be a tragedy, but it is a possibility. It can only be averted by confronting the underlying reasons for this risk

This is extraordinary leverage for an advanced, let alone, an emerging

It will take time to clarify the U.K.'s new relationships with the EU and the rest of the world. And the orderliness of the U.K. economy's adjustment to these changes will influence the risks to financial

It is important to recognize that the United Kingdom is effectively the investment banker for

Having a degree of clarity, when appropriate, will help promote a smooth and orderly

That institution (RBS) has made a lot of progress over the last several years, particularly around its core business franchise. Its challenge is that it still has legacy issues associated with that. There's misconduct costs, there's impaired assets, they're still working through the so-called non-core assets on which they have made

We could be stuck in this trap, and I use that word advisedly, for decades ... if we don't see major structural

The President-elect has voiced some views on the Fed and the stance of monetary

If the time to exit is measured in 18 months or less and the degree of exit is viewed as considerable then a number of those firms would take decisions, that's the best guidance I can

An excessive focus on monetary policy in many respects is a massive blame deflection

This policy is a significant milestone on the journey to end 'too big to fail' in the UK. (It) will ensure that banks that provide essential economic functions hold sufficient resources to be resolved in an orderly way, without recourse to public

You can envisage scenarios where it goes either way. We don't have a bias in terms of direction of where the next move will be. Again, in a period of a fair bit of uncertainty you can envisage scenarios where either direction would be merited. Where we are going to be anchored is around the inflation target and making sure we get that trade-off

That uncertainty does bear down on business investment. That does build with

Obviously I am not qualified to comment on the court judgment or the prospects here, but it is an example of the uncertainty that will characterize this process. The negotiations haven't even yet begun. There will be uncertainty, there will be volatility around those negotiations as they proceed, and I would view this as one example of that

The Committee has benefited greatly from Clara's expertise in banking and financial markets and from her unique insights as a market

We don't need a model coming out of Basel to tell us how to do it. What we expect to happen is that element of the original package ... will be substantially reduced, so that the supervisory discretion is back with the home

One of core recommendations had the effect of substantially increasing the capital for so-called operational

We're willing to tolerate a bit of an overshoot in inflation over the course of the next few years in order to avoid (rising unemployment), to cushion the blow and make sure the economy can adjust as well as

Politicians have done a very good job of setting up the

She helped drive vital reforms on the domestic and international stages, perhaps most prominently in the successful completion of the Fair and Effective Markets Review, which she

(I) absolutely feel comfortable with the decision I supported and the committee took in August to supply monetary policy

In light of all of the events since the referendum ... I am absolutely serene about the ... judgments made both by the MPC and the

I cannot see any scenario where I would consider negative interest

In terms of what is the magnitude of clean energy or lower- carbon energy infrastructure and cleaner water sanitation, etc., that will be put in place over the next 15 to 20 years ... it's somewhere in the order of $5 to $7 trillion. The question is how much of that is going to be financed through capital

Carbon pricing is the cleanest way to regulate to stabilize

We have a clear plan. We're putting measures in place. And it's

I did not prejudge the lines of those policy committees. Nor could I. That's not the way the system works, that is not the way the system is set

We have an obligation to make these assessments. The debate cannot be about whether we should have made an assessment. If we view something as the biggest risk, we have an obligation, a statutory obligation, to make that clear, to parliament, to the people of the

If we (the Bank of England) view something as the biggest risk, we have a statutory responsibility to make that clear. The assessment of financial stability in March … these are the assessments of the FPC (the Bank of England's Financial Policy Committee). It is an independent body. It is not based on whim, pre-judgment. It is based on analysis; robust debate; assessment. It is our duty to provide these

The exposure of UK banks to commercial property has been kept quite

When combined with the already strong balance sheets of UK banks, today's action means that those UK businesses and households who want to seize viable opportunities in the post-referendum world can be confident that they will be supported by the financial

The efforts of the Bank of England will not be able to fully and immediately offset the market and economic volatility that can be expected while this adjustment

The bank can be expected to take whatever action is needed to promote monetary and financial stability, and as a consequence, support the real economy. These efforts mean we can all look ahead, not over our

Some monetary policy easing will likely be required over the

In my view, and I am not prejudging the views of the other independent MPC members, the economic outlook has deteriorated and some monetary policy easing will likely be required over the summer. The MPC will make an initial assessment on 14 July, and a full assessment of the economy complete with a new forecast in its August Inflation Report. In August, we will also discuss further the range of instruments to supply that monetary stimulus if

Monetary policy cannot immediately or fully offset the economic implications of a large, negative shock. The future potential of this economy and its implications for jobs, real wages and wealth are not the gifts of monetary policymakers. These will be driven by much bigger decisions; by bigger plans that are being formulated by

As we have seen elsewhere, if interest rates are too low or negative, the hit to bank profitability could perversely reduce credit availability or even increase its overall

The capital requirements of our largest banks (are) now 10 times higher than before the crisis. Moreover, the bank has stress tested our major banks and building socieities against scenarios far more severe than the country currently

As a backstop, and to support the functioning of markets, the Bank of England stands ready to provide more than 250 billion pounds of additional funds through its normal facilities.The Bank of England is also able to provide substantial liquidity in foreign currency, if

We are well prepared for this. The Treasury and the Bank of England have engaged in extensive contingency planning. The Bank will not hesitate to take additional measures as required as markets adjust and the UK economy moves

Monetary policy cannot immediately offset all the effects of a

Material slowdown in growth, notable increase in inflation, that's the MPC's judgement. It's a judgement not based on a whim, it is the judgement based on rigorous analysis and careful consideration. Of course there's a range of possible scenarios around those directions which could possibly include a technical

Ultimately, monetary policy would be set in order to meet the inflation target, while also ensuring that inflation expectations remained

(Saunders) brings first-rate knowledge of the UK economy and a wealth of economic and financial

By acting early and comprehensively, the (Bank) can reduce uncertainty, bolster confidence, blunt the slowdown and support the necessary adjustments in the UK

There is a clear case for stimulus, and stimulus now, in order to have an effect when the economy really needs

The regulatory framework must ensure that it is able to manage any systemic risks that may arise from technological change without stifling

We have prioritized work to analyze structural vulnerabilities in asset management activities and to identify risks that may merit policy responses in four

An over-optimistic 'liquidity illusion' may have been reinforced by the growth of investment products offering redemptions at very short

From an individual country's perspective this might be an attractive route to boost activity. But for the world as a whole, this export of excess saving and transfer of demand weakness elsewhere is ultimately a zero-sum

Our approach to forecasting events around the referendum is to take developments in markets and confidence indicators, survey indicators as given and to feed those through into the

I just re-emphasise we have absolutely no intention, no interest in doing

I think in fairness I would need to make a determination by the end of the year if I were to request to stay

I'm married to the inflation target. That is my fidelity ... I'm not going to ... follow through (on rate rises) ...if it is the wrong thing to

So we do have to be careful around that (buy-to-let) sector. And I think collectively there are a number of things happening and we are watching it, we are watching it closely and we will take

Were those conditions fulfilled as we proceeded through the year? No, they weren't ... So in terms of overall growth, it's been there, but in terms of the cost developments, it hasn't

As the economy progresses … that decision (on whether to continue to keep rates on hold) will become more

The FMSB has a critical role to play in improving standards in wholesale markets and is a real opportunity for industry to show leadership in making markets fair and

Countries must now put in place the legislative and regulatory frameworks for these tools to be

Evidence is mixed, and the baseline for comparison should not be the unsustainable excess liquidity that existed prior to the

As a consequence, the financing capacity to the real economy is being rebuilt and significant retrenchment from international activity has been

There is no Basel IV. What we are doing is ironing out issues that have been identified over time in the application of Basel

It is clear the benefits far exceed the costs of introducing this

Inflation is at its lowest level since the introduction of inflation targeting two decades ago. It will likely fall further, potentially turn negative in the spring and be close to zero for the remainder of the

The exact timing will inevitably be the subject of considerable speculation and

For the first time in a long time you don't have to be an optimist to see the glass is half full. The recovery has finally taken

The aim of our policy is to secure recovery as quickly as possible, that would – of course – be welcome. But policy is not built on hope but on expectation, and we estimate there is only a one in three chance of unemployment coming down that

While the unemployment rate remains above 7.0 percent, the MPC (Monetary Policy Committee) stands ready to undertake further asset purchases if further stimulus is

Our aim is to help secure the recovery, while ensuring that risks to price stability and financial stability are well

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