Ben Chu: Sir Mervyn King's warning for his successor

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The Independent Online

Outlook In a little-noticed speech in Washington this week, Sir Mervyn King reflected on the monetary policymaking scene.

"There is a risk of appearing to promise too much or allowing too much to be expected of us," he warned an IMF conference. "With constraints on other policy instruments, central banks are seen as 'the only game in town'. But failure to make clear the limits to monetary policy risks disillusionment with central banks and the inevitable political pressure on them that would follow."

Did you get all that, Mr Carney?