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Mervyn King Has Got A New Job

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Failure rewarded?

LONDON (Reuters) - Bank of England Governor Mervyn King was elected first vice chair of the new European Systemic Risk Board (ESRB) that came into force on Thursday in a move that may allay UK concerns of being overruled by Europe (news) .

The anticipated news that King, who heads the central bank in the EU's biggest financial centre, will have a key role at the ESRB will help meet criticisms that Britain was being sidelined by the bloc's new supervisory framework.

The ESRB will monitor potential credit and asset bubbles across the 27-country bloc and recommend action before markets or economies become destabilised, plugging a macro-supervisory gap highlighted by the financial crisis.

The board, which will have no binding powers, is hosted by the European Central Bank in Frankfurt and will be chaired by ECB President Jean-Claude Trichet, as expected.

"The work of the ESRB will be important in ensuring the resilience of the European financial system and meeting the challenges that lie ahead," King said in a statement.

The ESRB is part of a wider, sweeping reform of financial supervision in the EU.

Three new pan-EU supervisory authorities will be launched in January covering markets, banks and insurers and based in Paris, London and Frankfurt, respectively.

They will have powers to impose binding technical standards on member states and overrule a national regulator when an EU law is breached or in an emergency situation.

300 APPLICANTS

The financial industry is awash with talk of who will head the new authorities that will initially have a combined staff of 150 people and a budget of 40 million euros, rising to 300 staff after four years.

EU Internal Market Commissioner Michel Barnier said this week that there have been 300 applicants for the six new jobs -- chairs and secretary generals of the three new authorities.

The boards of each new authority will select the chair and secretary general, either by consensus or a majority vote, from a shortlist approved by the European Commission.

"We would expect the college of commissioners to adopt the final shortlist to submit to the European Parliament mid to late January," a Commission official said.

The final selection will face confirmation hearings in parliament which will vote whether to approve or reject them.

In the meantime, the existing chairs or deputy chairs and secretary generals of the three committees which the authorities replace, will continue until around April when the new permanent officials should be in place, the official added.

National supervisory regimes are also being changed.

King will become one of the most powerful central bankers in the world when the Bank becomes the main regulator for Britain's largest banks and insurers from 2012.

He also chairs a new Financial Policy Committee at the Bank that will have a similar task to the ESRB.

In Germany the ruling government coalition reached a deal on Thursday to reform the country's banking supervision which will give the Bundesbank additional responsibilities.

The ESRB will hold its first meeting on January 20.

http://uk.finance.yahoo.com/news/Bank-King-vice-chair-new-EU-reuters_molt-2431599609.html?x=0

Edited by Redhat Sly

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Since King did so well in avoiding the UK housing bubble, I'm sure he will do this job well too...

The ESRB will monitor potential credit and asset bubbles across the27-country bloc and recommend action before markets or economies becomedestabilised, plugging a macro-supervisory gap highlighted by thefinancial crisis.

Also, the article is irritatingly confusing and contraddicts itself:

(but what else to expect from Reuters, a Rothschild news/propaganda agency)

The board, which will have no binding powers, is hosted by the EuropeanCentral Bank in Frankfurt and will be chaired by ECB PresidentJean-Claude Trichet, as expected.

They will have powers to impose binding technical standards on memberstates and overrule a national regulator when an EU law is breached orin an emergency situation.

It looks to me like another non democratic authority, with illegitimate real power over the elected governments in the EU.

Another step towards the EU-fascist state...

--

Edited by wise_eagle

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Failure rewarded?

Is this the same guy that told Gillian Shephard to get lost, and that she didn't know enough about banking when she forecast the collapse of Northern Crock?

I think Court Jester would be more appropriate.

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Also, the article is irritatingly confusing and contraddicts itself:

(but what else to expect from Reuters, a Rothschild news/propaganda agency)

Seems as clear as the Lisbon Treaty... :huh:

No doubt this will look good on Merv's CV...

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No doubt this will look good on Merv's CV...

As long as he does what the Bilderberger Elite says, he will always have a good job waiting for him...

--

Edited by wise_eagle

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Is it a bit like a football manager who has run a his team into the ground, selling their best players, buying rubbish, letting the debts pile up while the stadium is falling apart. Then leaving them just before they get relegated to take a job at FIFA?

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'King will become one of the most powerful central bankers in the world when the Bank becomes the main regulator for Britain's largest banks and insurers from 2012'

Failure rewarded indeed.

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No... it's no good I just don't get it.

He has got a job to "monitor potential credit and asset bubbles".

Is there anyone less qualified for the job given what we have in the UK?

I would rather take my chances with a chimpanzee from PG tips advert.

Someone needs to tell these people about him - they might have a 14 day cooling off period to cancel it.

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No... it's no good I just don't get it.

He has got a job to "monitor potential credit and asset bubbles".

Is there anyone less qualified for the job given what we have in the UK?

I would rather take my chances with a chimpanzee from PG tips advert.

Someone needs to tell these people about him - they might have a 14 day cooling off period to cancel it.

Was anyone less qualified than Tony Blair to take on the role of Middle East Envoy ?

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I've just sent Merv an email:

Merv,

Congratulations on the new job at the ESRB to monitor potential credit and asset bubbles.

Just out of interest who did you send to represent you at the job interview?

By the way if this means you are leaving the Bank of Theft from Savers in England can you go as soon as possible?

My vote for your replacement goes to Andrew Sentance. The last man on earth who should get it is Mr Bean.

I decided against suggesting a quick mode of transport for him in case attaching a photo might get the email rejected.

mervynstrangelove.jpg

post-15752-0-46549300-1292529241_thumb.jpg

Edited by Redhat Sly

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I've just sent Merv an email:

I decided against suggesting a quick mode of transport for him in case attaching a photo might get the email rejected.

Is he leaving the Bankrupt of England? I doubt he would leave that gig for this?

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  • 284 Brexit, House prices and Summer 2020

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      • up 5%



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