Bank of England governor faces weight of expectation

The new governor of the Bank of England, Mark Carney, takes over responsibility for UK monetary policy with a weight of expectations unprecedented for any modern central banker.

His biggest challenge over the near to medium term is managing these expectations against a backdrop of growing economic challenges.

The structural shortcomings of the eurozone have been exposed since the financial crisis erupted in 2008. However, the UK is an imperfect currency union. The London prop-erty market is dangerously overheating, whereas economic activity in the rest of the country is sclerotic.