Mervyn King, Columnist

An Open Letter to Jerome Powell

The former governor of the Bank of England has some advice for the Fed's new boss: Defend the central bank's independence.

January 30, 2018 at 12:01 AM EST

By Mervyn King

Mervyn King was governor of the Bank of England from 2003 to 2013. He is the Alan Greenspan Professor of Economics at NYU Stern School of Business and professor of law at NYU School of Law, and author (with John Kay) of “Radical Uncertainty: Decision-Making Beyond the Numbers.”

He may need to do what's politically inconvenient.
Photographer: Andrew Harrer/Bloomberg via Getty Images

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Dear Jay (if I may),

Next week you will be sworn in as the 16th chair of the Federal Reserve. After a brief ceremony -- not much chance of Champagne I fear -- it will be down to work, with your first Federal Open Market Committee meeting and press conference only six weeks away.

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