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BOE Carney's EU balancing act

Thursday, October 22, 2015 - 01:36

Bank of England Governor Mark Carney delivers an upbeat assessment of Britain's membership of the EU, but in carefully balanced remarks also stresses the bloc has to give fair treatment to non euro zone states. David Pollard reports

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Bank of England governor, Mark Carney. A man who manages to sit on both sides of the fence in an increasingly heated debate. For those who want Britain to stay in the EU, this: (SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "The evidence suggests that the UK has successfully harnessed the benefits of openness afforded by its EU membership while avoiding some of the drawbacks of reduced flexibility from which some continental European economies suffer". But for those in the UK's powerful financial services industry - who fear more regulation from Brussels, this: (SOUNDBITE) (English) BANK OF ENGLAND GOVERNOR, MARK CARNEY, SAYING: "It is important that any future EU legislative measures, designed to meet the needs of deeper integration in the eurozone, do not adversely affect the Bank of England's ability to ensure the stability of the UK financial sector." Carney was talking on what EU membership means for the Bank. The day before, he was quoted as saying the speech would be a "bit of a yawner". In the event, it got more attention than expected. But did it move the Brexit debate on? BGC Partners Mike Ingram. (SOUNDBITE) (English) MIKE INGRAM, MARKET STRATEGIST, BGC PARTNERS, SAYING: "There was something for everyone and it's interesting to see that both those for and against Britain's membership of the EU were saying 'well, this vindicates our position.' It is in truth quite a mixed bag." David Cameron's promised an in/out referendum on British membership of the EU, by the end of 2017. Last week, the UK prime minister promised that next month, he would send the EU his wish list of new terms for Britain to stay in. Some of Carney's words might please him - but not necessarily the vocal, euro-sceptic wing of his own party.

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BOE Carney's EU balancing act

Thursday, October 22, 2015 - 01:36