PRESS RELEASE : Chancellor appoints Megan Greene to the Monetary Policy Committee of the Bank of England [April 2023]

• Megan Greene has been appointed as an external member of the Monetary Policy Committee (MPC)
• Megan Greene is currently Global Chief Economist at Kroll and will succeed Silvana Tenreyro
• Megan’s three-year term will start on 5 July 2023

Megan Greene will join the Monetary Policy Committee (MPC) on 5 July for a 3-year term, replacing current external member Professor Silvana Tenreyro who has been on the MPC since July 2017.

Megan Greene is currently Global Chief Economist at Kroll, has a broad understanding of financial markets internationally and significant experience of advising leaders on the potential impacts of global macroeconomic developments.

The Chancellor of the Exchequer, Jeremy Hunt said:

Megan Greene’s wide experience across financial markets and the real economy will bring valuable new expertise to the MPC. I am delighted to appoint her to this role and look forward to seeing her contribution to policymaking in the coming years.

I would also like to thank Professor Silvana Tenreyro for all her work since she joined the Bank of England, and wish her the best in the next stage of her career.

Andrew Bailey, Governor of the Bank of England, said:

I am very pleased to be welcoming Megan Greene to the MPC this summer. She brings significant experience from her work across financial services and academia and we will benefit greatly from her contributions to our policy discussions.

Silvana Tenreyro has made a tremendous contribution to the work of the MPC over the past six years. I would like to extend my thanks and wish her all the best for the future.

Megan Greene said:

I’m honoured and thrilled to have the opportunity to contribute to the policy debate at the Bank of England as an external member of the MPC. It will be a privilege and a challenge to help address some of the key monetary policy challenges of our time.

About Megan Greene

Megan Greene is a Senior Fellow at the Watson Institute for International and Public Affairs at Brown University, teaching on the new drivers of global inequality, sovereign debt crises and monetary policy tools. She is the Global Chief Economist at Kroll and a board member of the Academic Advisory Committee at the San Francisco Fed.

Megan received her undergraduate degree from Princeton University and her postgraduate degree from Oxford University.

About the MPC

The independent Monetary Policy Committee makes decisions about the operation of monetary policy. It comprises of the Governor of the Bank of England, the three Deputy Governors, one member of the Bank with responsibility for monetary policy and four external members who are appointed by the Chancellor.

External members may serve up to two three-year terms on the MPC.

The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.

About the appointment process

Megan Greene has been appointed following an open recruitment process run by HM Treasury. A panel comprising of Clare Lombardelli (Director General and Chief Economic Advisor, HM Treasury until March 2023), James Benford (Director of Economics, HM Treasury until February 2023) and Dame Kate Barker (external member of the MPC from 2001 to 2010) interviewed several candidates and made recommendations to the Chancellor, which informed his decision.

The Treasury is committed to appointing a diverse range of people to public appointments, including at the Bank of England. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.