Adam Posen is leaving the Bank of England’s Monetary Policy Committee to become the next president of the Peterson Institute for International Economics.
Posen will leave the MPC on August 31 at the conclusion of his three-year term as an external member of the committee.
Mervyn King, governor of the Bank of England, says: “On behalf of the Bank, I want to thank Adam for his outstanding contribution to the MPC over the past three years and wish him well in his new role.”
Posen says: “I am deeply grateful to the superb staff of the Bank of England, to the governor and all of my colleagues on the MPC, and to Her Majesty’s Treasury for enabling me to make a contribution to British monetary policy during this difficult and challenging period.
“I am proud of the work we have done trying to understand and stabilise UK economic performance in the aftermath of the global crisis.
He adds: “I also am sincerely grateful to the many people from all areas of the United Kingdom who engaged with me openly and frankly during my travels for the MPC.”
Posen’s position in the MPC was, up until late April, often defined by his commitment to increasing the size of the asset allocation programme.
In April, he retracted this long-standing support for expansionary monetary policy, leaving David Miles as the sole member in favour of further quantative easing.