Alan Greenspan, former chairman of the Federal Reserve, has thrown his weight behind Mervyn King, the governor of the Bank of England under fire for his role in the Northern Rock crisis, The Telegraph reports.
"Mervyn King is one of the most effective central bankers I have ever met," said Mr Greenspan. "I am a great fan of his. He understands how markets work. I hope Britain has him as its central banker for many years to come." The American also dismissed suggestions that central bankers should serve one term, a proposal put forward by the Conservative Party. "Central bankers start to really learn their skills after four or five years - and then someone wants to retire them." Mr King has been governor since 2004. BRITISH LENDERS ARE SHUNNING the Bank of England and turning instead to the Euro...
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