Philip Lowe is set to replace Glenn Stevens as governor of the central bank of Australia, inheriting an economy struggling with the appearance of disinflation that forced policy makers to cut interest rates to a record low this week.
Lowe, 54, the unanimous forecast of economists surveyed by Bloomberg in October, was appointed for a term of seven years after September 18, Treasurer Scott Morrison said Thursday before an election expected to be called this week -end. Stevens leaves after helping to guide the nation's economy through the global financial crisis and the end of a boom in mining investment.
Morrison took a game from the book page from his predecessor's opposition to the nomination in the race for elections, and opting for the Deputy Reserve Bank of Australia fell in a long pattern of appointment Involved in the Central bank. Unlike their counterparts in the UK or the US, the central bank of Australia has almost never seen a stranger put in charge of monetary policy.
"This is someone who understands the Australian and global economy issues very, very well," said Richard Grace, chief strategist and currency rate at the Commonwealth Bank of Australia in Sydney. "The appointment will be welcomed by the market because Lowe is a solid and well-known person."
Lowe inherits the position with lower rates of ammunition after the central bank eased to 1.75 percent policy Tuesday to cushion the end of a mining boom and try to take the heat out of a resurgent currency. the new governor may need to extend the easing cycle that traders are prices drop another rates over the next 12 months.
a 36-year veteran of the central bank of a doctorate from the Massachusetts Institute of Technology, Lowe served as deputy since 2012. Stevens Stevens, RBA Governor third successive replaced by his No. 2, welcomed the promotion Lowe in a statement after the announcement.
"it is a superb appointment," he said. "There could be no better Phil Lowe qualified to lead the bank through the next seven years. The bank will be in the best hands. "
Lowe said in the same statement he was" deeply honored "and looked" forward to continue the important work that the advice and the bank staff to engage the people of Australia. "
Bernanke, Draghi
Lowe's among fellow central bankers Ben S. Bernanke and Mario Draghi to attend MIT, where federal vice president Stanley Fischer reserve and former Bank of England Governor Mervyn king taught.
the main macroeconomic teachers were Olivier Blanchard, who was chief economist of the International monetary Fund until September, Rudiger Dornbusch and pioneer of the theory that currencies overshoot in both directions in the short term before correcting over time.
Bill Evans, chief economist at Westpac Banking Corp., said Lowe was the best candidate for the job.
"I have been dealing with the reserve Bank for 30 years or more and I said the most remarkable person I am dealing with found," said Evans. "the best way to measure the ability of Phil's ideas of his speech -. When he spoke, I learned something "
Morrison Ian Harper also appointed as an independent member of the board of the central bank, replacing John Edwards whose mandate expires on July 30 again Assistant role of the governor of the central bank will be "taken into account in the second half of the year," the treasurer said
spokesman for the opposition Treasury Chris Bowen welcomed promoting Lowe . "Dr. Lowe is one of Australia's top economists of his generation," said Bowen in a statement.
Bloomberg
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