In the pound seat
AS the Governor of the Bank of England should be, Eddie George is in the pound seat. This week he begins his second term of office, and for the next five years he can- not be dislodged unless he dips his fingers in the gold reserves. He has seen the Bank's independence restored in the limited sense that its Monetary Policy Committee now sets interest rates. I count on him to assert his own independence along with the Bank's. He can forget about the snipers in the Treasury. They will have their own wor- ries from now on, and the Treasury's diffi- culty has always been the Bank's opportuni- ty. We are entitled to look to him for guid- ance on the future of his and our currency, and of one thing I am certain: he would have no plans to stay on as a branch manag- er of the European Central Bank.
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