As the first non-British Governor in the Bank's 319 year history, the problems Carney faces are great. He faces an economy where - five years on from the crisis - GDP is forecast to grow by just 0.9 per cent in 20131, despite prolific efforts from the government and the Bank of England, using tools such as the unconventional monetary policy of quantitative easing. Carney himself stated that he was "going where the challenges are greatest".
Yesterday a man decided that the pound's value against the euro and the dollar was 'just about right'. As a result, the pound stopped weakening against the euro and the dollar, as it has been doing so for several months. I was disappointed. I get paid in euros so I benefit from the pound being weak.
To hope that the commitment to cutting public spending in the name of deficit reduction will be reversed in the face of continuing recession and little effect on the deficit currently seems highly optimistic - the major political parties united as they are in almost unwavering support for it. So long as it continues so will recession.
The chancellor of the exchequer, George Osborne, has staked the British government's reputation on reducing the country's record-high peacetime fiscal deficit (11.4% of GDP in 2009). He has succeeded in making modest inroads since mid-2010, albeit by front-loading less politically contentious measures.