``The British central bank needs a cultural revolution. A truly new face at the top is far from sufficient, but it is necessary. The ideal leader would understand banking and monetary economics, but also be aware that the theories and models used by all central banks, Bank of England included, have been found wanting. He or she would also be able to communicate with the public, and inspire the staff to think differently. The dream governor would be international in outlook -- the UK is too small and open an economy to have a truly independent monetary policy -- and able both to get along with and stand up to the powerful at home.''

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