Deputy governor exits Bank of England

John Hewitt Jones

September 12, 2016

Minouche Shafik, deputy governor for markets and banking is leaving the Bank of England.

Shafik will leave her post at the central bank in February 2017 to take up the post of director at the London School of Economics (LSE).

Mark Carney, Governor of the Bank of England,  said: “We will say farewell to Minouche with gratitude and regret. She helped drive vital reforms on the domestic and international stages, perhaps most prominently in the successful completion of the Fair and Effective Markets Review which she co-chaired. She has overseen a transformation in how we manage our balance sheet and is modernising our high-value payments system.

“This has been alongside the invaluable insight she brings to all three main policy committees of the Bank and the inspirational leadership she gives to her colleagues. In her work and by her example, she leaves an important legacy. We wish her the very best for the future”.

Minouche said: “It has been such a privilege to work with colleagues at the Bank of England and to serve alongside fellow members of the MPC, FPC, PRA Board and Court of Directors. I have especially enjoyed connecting the dots and the people across the Bank’s monetary, macro-prudential and micro-prudential policy responsibilities.

“Together we have stood up to every test, maintaining stability with a modern approach. The Bank is a vital institution full of talented people committed to serving the public good – I will miss them a great deal. While it was impossible to resist the opportunity to lead a world class university like the LSE, I leave the Bank with a deep appreciation for its work and much admiration of its staff.”

Previously Shafik served as deputy managing director of the International Monetary Fund, permanent secretary of the Department for International Development, and vice-president of the World Bank.  She has taught at the Wharton Business School and Georgetown University and published on a wide array of topics in economics and international development.

Alan Elias, LSE’s acting chair said, “This is an exciting time for the School. A lot is happening already and now we are delighted to be welcoming an outstanding leader with such an exemplary track record and with a global standing to match LSE’s own international reach and reputation.”

The process for recruiting a successor is the responsibility of HM Treasury and the position will be advertised in due course. Minouche will start her new position at the LSE in September 2017, after a post-employment cooling off period.

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