Carney is Shooting at the Wrong Target
The Canadian PM has announced a new sovereign wealth fund to invest in national projects. But the challenge for all advanced economies is not how to finance new assets but how to manage existing ones
Long-time subscribers will know that I have long banged the drum for a radical reform of the way that Britain and other advanced economies manage their public balance sheets. The combination of Mark Carney’s announcement of a new sovereign wealth fund for Canada and the political eruptions in Britain this week that have left a floundering government looking for new ideas make this a good moment to reprise the theme. I am delighted to publish this joint post with Dag Detter, who co-wrote the book Public Net Worth and is an advisor to governments on how to manage their public assets, in the hope of reigniting the debate in Britain and Europe. The piece is free to read so please do share with anyone who might be interested. And as always, I look forward to your comments.
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