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Mervyn King, Governor of the Bank of England.?Photo: BLOOMBERG

David Blanchflower, prominent economist and former ratesetter Bank which has fallen with the Governor of exceptionally dramatically, described as a "unpardonable sin" attempt to compromise the independence of the Bank and exposed King as "politically biased" intervention. ""King must go", stated publicly.

The crime of the King, if it can be described as such, is have "pressed [David Cameron and George Osborne] for more details on how they intend combat debt", the U.S. Ambassador Louis Susman recorded in private documents discovered by Wikileaks.

Implication is that the Governor to influence policy, although in this case there is no - "[he] received only General back", Susman note .c ' was in February, three months before the election. Unspoken is the suggestion that in the following three months and perhaps subsequently has more luck in getting to detail and offers its own solutions.However, there is no evidence in support of the thesis.

For Blanchflower, the note is enough to show King was "involving itself in the economic policy of the coalition.""How could Ed Miliband or Alan Johnson never trust King to give advice on economic policy, now he has shown his true party political colors." Blanchflower requests in an article for the Guardian newspaper.

To be fair, however, is not as simple as cela.Les central banks are supposed to be independent - free "policy bias" - but they are also responsible for protecting the economy.Normally, work of a central banker is quite simple - manage interest rate and maintain inflation target, to adjust monetary policy and allow quiet of fiscal policy.

But when a crisis hits, monetary and fiscal policy become intertwined.A Central Bank cannot work effectively unless the financial platform is stable.Dans monetary these cases, the intervention in the form of comment is inevitable.

Paul Tucker, Assistant of the King, made the point to the Commission of the Treasury Board (TSC) last week.As it was pointed out, there would be an outcry if the Governor has not published "a kind of development in custody to ensure that this country has taken the action needed to take in order to stay on a steady course."

"Legitimate something of the Bank in such extraordinary circumstances and it is legitimate that a monetary policy maker in these conditions, because you cannot run any sensible way without a framework underlying stability comes from Government and Parliament, monetary policy", he added.

King makes noises on the unsustainable budget deficit since June of last year, when he says the TSC need to do more then-Chancellor Alistair Darling."I don't think [policy] is quite clear and slightly more ambition to unseat deficits Central pathway [is needed],"he said at the time.""

The comment has been interpreted as too political, but the author of the question, Michael Fallon of the TSC, now conservative President Assistant, was neatly framed the discussion in this way.

Perhaps more great error of the King was said in the report of the Bank in may inflation that "a path more detailed and more demanding of fiscal consolidation that out in March 2010 budget... may need to avoid unnecessary increases in the cost of issuing debt '." "

At least three members of the monetary policy Committee nine-strong objected to language, which is clearly political party and the revelation last month that King had faced a major rebellion damaging its crédibilité.Mais, he was able to assert that he was in the national interest that more aggressive action was needed - and he wanted to ensure that his words are clearly understood.

After all, the Governor expressed frustration at infinity interpretation of observations in the past. ""I wish people would take my words at face value," he told the TSC last June.

Later the standing United Kingdom markets, compared improvement to Ireland of Portugal and Spain - even when the public debt and budget deficit positions are if bad worse step - demonstrates that more action was nécessaire.King say that if it implements the country before the game, to find a Party adopting his ideas, it is unfair to tarnish him as politique.Ses opinions before their policies.

But without doubt, a comment clears this problem of "policy bias" once to toutes.Selon Wikileaks, describes Osborne and Cameron lack of depth - is resistant to the Tory position message.

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