The successful candidate will take on one of the most important roles in the UK economy -- charged with delivering low inflation (monetary stability) and also ensuring the health of the UK financial system (financial stability).
These countries share other weaknesses as well: excessive fiscal deficits, above-target inflation, and stability risk (reflected not only in the recent political turmoil in Brazil and Turkey, but also in South Africa's labour strife and India's political and electoral uncertainties).
Peter Bruce, who edits Business Day, a newspaper, says Mr Mbeki is "itching to break free from the conventions of textbook capitalism .No change is expected to his much-applauded macroeconomic policies, which emphasise low inflation, growth, stability and the expansion of trade (though he does promise more deficit spending).
For countries all too familiar with bank failures, devaluation and inflation, the stability of the U.S. dollar brings with it a certain amount of peace of mind.
The institutional changes from 1950 to 2003 showed that Turkey could not maintain the low inflation and stability that it had enjoyed until the end of 1950s.
These requirements included annual budget deficits not exceeding 3 percent of gross domestic product (GDP), public debt under 60 percent of GDP, exchange rate stability, inflation rates within 1.5 percent of the three lowest inflation rates in the EU, and long-term inflation rates within 2 percent.
Mass unemployment was regarded as "a price worth paying" to bring low inflation and economic stability.
Those will be the level of "resource utilization," which primarily means the unemployment rate, the trend in inflation, and the stability of inflation expectations.
Mr Bernanke admitted recently that his biggest concern about QE wasn't inflation but "financial stability".
He considers two issues of equal importance in the coming campaign: eroding moral standards and inflation & the stability of our currency.
