Raghuram Rajan says he is not aiming for Bank of England governorship
19 May 2018
Former Reserve Bank of India Governor Raghuram Rajan has dismissed speculation that he may become the Bank of England governor, after his name was widely mentioned in the media as a possible successor to Mark Carney, who will leave in just over a year.
Rajan, who is now a professor at the University of Chicago Booth School of Business, has been mentioned in connection with the position. Speaking to reporters in London after delivering a speech on Wednesday, the topic was the first question he was asked about, but he replied that he has no plans to apply for the job.
“I have a very good job at the University of Chicago, and I am actually an academic, not a professional central banker. So I’m very happy where I am,” he said.
UK Chancellor of the Exchequer Philip Hammond has indicated a willingness to look abroad for a new governor. In addition to Rajan, other potential foreign candidates could include former Mexican central bank chief Agustin Carstens, who now runs the Bank for International Settlements.
According to Bloomberg, the favourite for the job remains FCA chief executive Andrew Bailey, while other names linked to the role include BOE deputy governors Ben Broadbent and Dave Ramsden. The UK Treasury hasn’t yet advertised for the role.
Rajan was also asked if he was ruling out applying. His response: “I’ve said all I can say — I’m very happy where I am. I’m not going to apply for a job anywhere, absolutely.”
Given the buildup to Carney’s appointment, such denials may not carry much weight for those trying to figure out who takes over at the BOE.
Asked in a BBC interview in August 2012 if was interested in the UK job, Canadian Carney said he was “very focused” on his current posts. Questioned if that meant “a no or a never consider the job,” he said: “It’s both. How’s that?”
Less than four months later, he was named to the role.