Posen adds US voice to MPC

THE Bank of England announced yesterday that US economist Adam Posen will succeed policy “hawk” Tim Besley as an external member of the Monetary Policy Committee (MPC).
 

Posen is deputy director at the Peterson Institute for Economics in Washington and a visiting scholar at the US Federal Reserve and European Central Bank. 
 

The appointment of the outspoken American, which takes effect on 1 September, was welcomed by the City. 
 

Posen will reside in England during his three-year term. Besley will stand down at the end of August to pursue his academic career.