Mark Carney - Bank of England

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Last quote by Mark Carney

Some removal of monetary stimulus is likely to become necessary.feedback
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NEW Jun 28 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: “Some removal of monetary stimulus is likely to become necessary.” in the article Pound jumps on Carney remarks about timing of rate hike.
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Mark Carney quotes

Jun 20 2017 - Brexit

It would be all too easy to give in to protectionism. But as we learned in the 1930s, that road leads neither to equity nor prosperity. Raising barriers to trade disproportionately hurts the least well off through higher prices and fewer opportunities.feedback

Jun 20 2017 - Brexit

Any development which prevented EU27 firms from continuing to clear trades in the UK would split liquidity between a less liquid onshore market for EU firms and a more liquid offshore market for everyone else. The European Commission's proposals announced last week recognize the importance of effective cooperation arrangements between the relevant EU authorities and their overseas counterparts.feedback

Jun 20 2017 - Brexit

Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption. Monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU.feedback

Jun 20 2017 - Brexit

Most fundamentally, the UK relies on the kindness of strangers at a time when risks to trade, investment, and financial fragmentation have increased.feedback

Jun 20 2017 - Brexit

On the positive side, the deficit is funded in domestic currency and financial reforms have increased the resilience of the UK system, thereby making larger imbalances more sustainable. But the UK's deficit has also been associated with markedly weak investment and latterly with rapid consumer credit growth. This is not an imbalance that is, as yet, funding its eventual resolution.feedback

Jun 19 2017 - Brexit

I am delighted to welcome Silvana Tenreyro to the Monetary Policy Committee and am very much looking forward to working with her. Her extensive and varied academic experience – on the monetary transmission mechanism, the dynamics of productivity, trade, housing issues as well as wage dynamics, to name just a few – will be invaluable to the Committee as it seeks to promote the good of the people of the United Kingdom through maintaining monetary stability.feedback

May 23 2017

I will drink the martini and order another two. Apparently that was Eddie George's daily in take … before lunch.feedback

May 11 2017 - Brexit

We would have had to do an alternative forecast with some variant of a disorderly negotiating process, and we have not done that.feedback

May 11 2017 - Brexit

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.feedback

May 11 2017 - Brexit

As has been the case since our August forecast, we have assumed that the process of leaving the European Union would be a smooth one. That means there will be an agreement about future trading arrangements and there will be a transition, or an implementation period, from the negotiation to that new agreement.feedback

Apr 23 2017

There is still a hesitation about actually putting money to work, and the question is what will it take and how are various governments going to translate intention into action. That's understandable, given what businesses have lived through over the past decade. So there is more upside to the global economy if we start to see policy uncertainty reduce and that enthusiasm translate into action.feedback

Apr 20 2017 - Brexit

I would include Brexit as one example of these forces of fragmentation because there are some scenarios where there wouldn't be a cooperative outcome. That said, it is far, far more likely that there is one, and there is a spectrum of positive outcomes here. Starting from the same standards of a high degree of regulatory cooperation gives tremendous opportunities. I am more positive about the prospect of continued cooperation and building a more effective system.feedback

Apr 20 2017 - Brexit

Authorities must learn by doing and make adjustments, as necessary, to optimise our effort, without compromising on the level of resilience the reforms are intended to achieve.feedback

Apr 12 2017 - Fintech

If this happens, the Bank of England would need to ensure prudential standards and resolution regimes for the affected banks are sufficiently robust to these risks.feedback

Apr 07 2017

The U.S. authorities have, over the last several years, done several things that are unique to the United States. They may adjust some of those elements, just like we could always adjust certain things that are bespoke to the United Kingdom and go above and beyond international standards. That wouldn't necessarily have any implication for the ability to build this system, to take full advantage of the system of mutual recognition, and we should recognise that.feedback

Apr 07 2017 - Brexit

How Brexit negotiations conclude will be a litmus test for responsible financial globalisation. The EU and UK are therefore ideally positioned to create an effective system of deference to each other's comparable regulatory outcomes, supported by commitments to common minimum standards and open supervisory co-operation.feedback

Apr 07 2017

That's what we expect but we'll monitor it and ensure that we chart the right path.feedback

Apr 07 2017 - London

No, short answer no. The government has been clear about this and we fully support it. I'll use the prime minister's words: a comprehensive, bold, ambitious new free trade arrangement and that encompasses everything. We fully recognise that the negotiations around financial services are one sliver, albeit an important sliver, but a sliver of a much wider set of discussions that the UK and the EU have just embarked upon. No, that's not the most prudent. It's prudent to be in a position to continue operating after the UK leaves.feedback

Apr 07 2017 - London

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 London.feedback

Apr 07 2017 - G20

This road leads to more jobs, higher sustainable growth and better risk management across the G20.feedback

Apr 07 2017 - G20

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 G20.feedback

Mar 21 2017

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

Mar 21 2017

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 objectives.feedback

Mar 21 2017

We are talking about much bigger issues.feedback

Mar 21 2017

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 admitted.feedback

Mar 21 2017

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 objectives.feedback

Mar 17 2017

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

Mar 14 2017

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 England.feedback

Mar 08 2017

Apra is not first prudential regulator to make statements about climate.feedback

Feb 23 2017

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 behavior.feedback

Feb 07 2017

Now that dynamic will start to be tested as this year progresses.feedback

Feb 03 2017

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 that.feedback

Feb 02 2017

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 economy.feedback

Feb 02 2017

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 incomes.feedback

Feb 02 2017

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 thing.feedback

Feb 02 2017

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 elsewhere.feedback

Jan 25 2017 - Fintech

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

Jan 16 2017

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 consumption-led.feedback

Jan 16 2017

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 target.feedback

Jan 16 2017

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

Jan 15 2017

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 UK.feedback

Jan 13 2017

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 functioning.feedback

Jan 11 2017

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 that.feedback

Jan 11 2017

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 make.feedback

Jan 11 2017

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 UK.feedback

Dec 15 2016

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 horizon.feedback

Dec 14 2016 - G20

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 face.feedback

Dec 14 2016 - G20

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

Dec 14 2016 - G20

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

Dec 14 2016

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 opportunities.feedback

Dec 05 2016

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

Dec 05 2016 - Unemployment

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

Dec 05 2016

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 work.feedback

Dec 05 2016

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

Dec 05 2016

Has monetary policy robbed savers to pay borrowers? Has the MPC been Robin Hood in reverse? In a word, no.feedback

Dec 05 2016

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 upfront.feedback

Nov 30 2016

This is extraordinary leverage for an advanced, let alone, an emerging economy.feedback

Nov 30 2016

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 stability.feedback

Nov 30 2016

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

Nov 30 2016

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

Nov 30 2016

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 progress.feedback

Nov 15 2016

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

Nov 15 2016

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

Nov 15 2016

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 give.feedback

Nov 15 2016

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

Nov 08 2016

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 funds.feedback

Nov 03 2016

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 right.feedback

Nov 03 2016

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

Nov 03 2016

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 uncertainty.feedback

Nov 03 2016

It is still in the early days of this process.feedback

Nov 01 2016 - HSBC Bank

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

Oct 25 2016

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 supervisor.feedback

Oct 25 2016

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

Oct 14 2016 - Unemployment

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 possible.feedback

Oct 14 2016

Politicians have done a very good job of setting up the system.feedback

Sep 12 2016

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 co-chaired.feedback

Sep 07 2016

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

Sep 07 2016

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

Aug 04 2016

I cannot see any scenario where I would consider negative interest rates.feedback

Jul 15 2016 - Carbon

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 markets.feedback

Jul 15 2016 - Carbon

Carbon pricing is the cleanest way to regulate to stabilize emissions.feedback

Jul 13 2016

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

Jul 12 2016

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 up.feedback

Jul 12 2016

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 UK.feedback

Jul 12 2016

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 assessments.feedback

Jul 08 2016

This is not a big issue for UK banks.feedback

Jul 08 2016

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

Jul 05 2016

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 system.feedback

Jul 05 2016

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 proceeds.feedback

Jul 05 2016

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 shoulders.feedback

Jun 30 2016

Some monetary policy easing will likely be required over the summer.feedback

Jun 30 2016

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 necessary.feedback

Jun 30 2016

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 others.feedback

Jun 30 2016

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 price.feedback

Jun 30 2016

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 faces.feedback

Jun 24 2016

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 required.feedback

Jun 24 2016

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 forward.feedback

May 12 2016

Monetary policy cannot immediately offset all the effects of a shock.feedback

May 12 2016

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 recession.feedback

Apr 19 2016

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

Apr 15 2016

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

Apr 08 2016

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

Apr 08 2016

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

Feb 27 2016 - Fintech

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

Feb 27 2016 - Fintech

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

Feb 27 2016 - Fintech

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

Feb 26 2016

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 game.feedback

Feb 23 2016

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 forecast.feedback

Feb 23 2016

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

Jan 26 2016

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

Dec 15 2015

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 do.feedback

Dec 15 2015

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 action.feedback

Dec 15 2015

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 been.feedback

Nov 11 2015

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

Nov 05 2015

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 effective.feedback

Sep 11 2015 - G20

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

Sep 11 2015 - G20

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

Sep 11 2015 - G20

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

Sep 11 2015 - G20

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

Sep 11 2015 - G20

It is clear the benefits far exceed the costs of introducing this standard.feedback

Feb 17 2015

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 year.feedback

May 14 2014

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

Nov 13 2013 - Unemployment

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 hold.feedback

Sep 11 2013 - Unemployment

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 quickly.feedback

Aug 07 2013 - Unemployment

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 warranted.feedback

Aug 07 2013

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

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