LONDON – Mark Carney, the Canadian central banker who is set to become the Bank of England's governor this summer, says he is open to a review of Britain's monetary policy framework.
Answering a list of written questions from the influential Treasury Select Committee, Carney says "the bar for change to any flexible inflation-targeting framework should be very high." However, he says the framework should be "reviewed and debated periodically."
Since being granted independence in 1997, the Bank of England has been tasked to set interest rates to achieve a certain level of inflation. Some critics argue that its remit should change to have a greater focus on economic growth.
Carney is addressing lawmakers Thursday ahead of his arrival at the bank in July. He will replace long-time governor Mervyn King.