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Howard Davies

Howard Davies

Writing for PS since 2009
81 commentaries

Howard Davies, the first chairman of the United Kingdom’s Financial Services Authority (1997-2003), is Chairman of NatWest Group. He was Director of the London School of Economics (2003-11) and served as Deputy Governor of the Bank of England and Director-General of the Confederation of British Industry.

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  1. The Bank of England After Boris
    davies81_TOLGA AKMENAFP via Getty Images_bankofengland Tolga Akmen/AFP via Getty Images

    The Bank of England After Boris

    Aug 11, 2022 Howard Davies considers the merits of raising the monetary authority's inflation target from 2% to 4%.

  2. Howard Davies on forward guidance, central-bank independence, the Volcker Rule, and more
    European Central Bank

    Howard Davies on forward guidance, central-bank independence, the Volcker Rule, and more

    Aug 9, 2022 Howard Davies fears that bringing the current bout of inflation under control will carry high costs, suggests ways monetary policymakers can protect their reputations, defends the UK Treasury from accusations that it is too powerful, and more.

  3. When Central Bankers Become the Target
    davies79_ Dan Kitwood - WPA PoolGetty Images_andrewbailey Dan Kitwood/WPA Pool/Getty Images

    When Central Bankers Become the Target

    Jun 27, 2022 Howard Davies thinks monetary policymakers should not assume that their reputations will automatically recover.

  4. Will Western Sanctions Change the Global Financial System?
    davies78_WANG ZHAOAFP via Getty Images_chinacentralbank Wang Zhao/AFP via Getty Images

    Will Western Sanctions Change the Global Financial System?

    Apr 28, 2022 Howard Davies thinks the unprecedented measures against Russia could have far-reaching longer-term consequences.

  5. The Mismanagement of Inflation Expectations
    davies77_THOMAS LOHNESAFP via Getty Images_christine lagarde speech THOMAS LOHNESAFP via Getty Images

    The Mismanagement of Inflation Expectations

    Jan 26, 2022 Howard Davies warns that leading central banks’ botched messaging in recent months could carry high costs.

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  1. sinn106_DANIEL ROLANDPOOLAFP via Getty Images_ecb lagarde DANIEL ROLAND/POOL/AFP via Getty Images

    The ECB Has Been Driving EU Inflation

    Hans-Werner Sinn explains how the European Central Bank has contributed to soaring prices, including for energy.
  2. teixeira1_ LUIS ROBAYOAFP via Getty Images_bolsonaroclimatechange Luis Robayo/AFP via Getty Images

    The Populist Climate Threat

    Izabella Teixeira, et al. warn that right-wing nationalists and other political opportunists could normalize inaction.
  3. rogoff228_Chris J RatcliffeGetty Images_pound low Chris J Ratcliffe/Getty Images

    Britain Is Not an Emerging Market – Yet

    Kenneth Rogoff considers the implications of the new government’s poorly received economic-policy package.
  4. delong245_Samuel CorumGetty Image_jeromepowell Samuel Corum/Getty Images

    When the Fed Stops Trying

    J. Bradford DeLong worries that the world's most important central bank is no longer looking for an optimal policy path.
  5. slaughter93_ Marli MillerUCGUniversal Images Group via Getty Images_lake mead Marli Miller/UCG/Universal Images Group via Getty Images

    No Security Without Climate Security

    Anne-Marie Slaughter explains why US policymakers need to focus more closely on global warming as an existential threat.
  6. hausmann105Gaston Brito MiserocchiGetty Images_lithium bolivia Gaston Brito Miserocchi/Getty Images

    Development, Decarbonization, and Dumb Landowners

    Ricardo Hausmann argues that governments must manage natural resources more effectively to promote green growth.
  7. op_okonjoiweala2_ FABRICE COFFRINIAFP via Getty Images_ngoziokonjoiweala Fabrice Coffrini/AFP via Getty Images

    The Trade Agenda Today

    Ngozi Okonjo-Iweala interviewed by Anne O. Krueger

    Recent global developments have shown what is at stake when trade becomes less open and transparent. To assess the current state of the international trading system and what lies in store for it, Anne O. Krueger queries World Trade Organization Director-General Ngozi Okonjo-Iweala about the biggest challenges facing her organization.

    about the challenges facing her organization.
  8. GettyImages-1241893584 NurPhoto / Contributor via Getty Images

    King Dollar

    In recent weeks, the US dollar has reached 20-year highs against key foreign currencies, and all-time highs against the Chinese renminbi and the British pound. What is sustaining the greenback’s surge, and what are its most significant consequences?

  9. gnair1_Yulia ReznikovGetty Images_USmoneycurrency Yulia Reznikov/Getty Images

    The US Inflation Bonanza for Sovereign Debtors

    Gautam Nair & Federico Sturzenegger identify the big winners of a shock that is diluting mountains of debt around the world.

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