Former Bank of England member David Blanchflower described the role of Bank of England Governor as a “really important job that most people wouldn’t touch with a 10ft pole”.
Charged with steering the economy through periods of both boom and bust, the Treasury said the position required “a person of undisputed integrity and standing”.
Mark Carney will be taking up the top post at an institution that has swollen significantly in the last nine years. It is considered to be one of Britain’s most powerful jobs,
As well as having responsibility for setting interest rates and keeping a lid on inflation, Mr Carney will be taking on extra responsibilities for banking supervision as part of an overhaul of financial regulation following the economic crisis.
Under reforms being pushed through by the Chancellor, the Bank will be held responsible for supervising City institutions and preserving financial stability through the Financial Policy Committee and Prudential Regulation Authority.
And this will come in addition to representing the UK at important international conferences, such as the G7, G20 and the Bank for International Settlements in Basel.
Mr Carney will take up the mantle when Sir Mervyn King steps down on 30 June at a time when the Bank itself believes the economy will still be under pressure.
In its most recent inflation report, the Bank downgraded its growth forecast for 2013 and warned that output would remain below its historical average until mid-2015.
Mr Carney and his fellow members of the Monetary Policy Committee (MPC) are also likely still to be grappling with stubbornly high inflation.
And the Bank has warned the economic climate could nosedive further if the conditions in the debt-laden eurozone worsen.
Concerns have been raised over the eight-year, non-renewable term being laid down for the next governor, replacing the two five-year terms served by Sir Mervyn.