The Bank of England (BoE) on Wednesday has appointed Goldman Sachs alumnus Huw Pill as Chief Economist and Executive Director for Monetary Analysis, replacing Andy Haldane who resigned this year.
“Huw will make a major contribution to monetary policy – and to the broader work of the Bank. I greatly look forward to working with him,” said Andrew Bailey, BoE’s Governor.
The role of the chief economist is the only position on the nine-member Monetary Policy Committee (MPC) that is appointed by the BoE itself rather than by Britain’s Treasury.
David Blanchflower, a former MPC member, expressed his disappointment by the appointment, tweeting: “Not clear. Deputy governor of monetary policy needs someone with same background as him? Didn’t we learn in GR that group think was bad and diversifying one’s portfolio was good? So now, no women or minorities and no diversity in backgrounds of internals. What could go wrong?”
Pill, currently a senior lecturer at Harvard Business School, has worked at the European Central Bank in senior roles before joining Goldman Sachs in 2011.
Pill will report to Ben Broadbent, the deputy governor for Monetary Policy. He will start his new role at the BoE on September 6.
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