Posen adds US voice to MPC

<div>THE Bank of England announced yesterday that US economist Adam Posen will succeed policy &ldquo;hawk&rdquo; Tim Besley as an external member of the Monetary Policy Committee (MPC).<br />&nbsp;</div>
<div>Posen is deputy director at the Peterson Institute for Economics in Washington and a visiting scholar at the US Federal Reserve and European Central Bank.&nbsp;<br />&nbsp;</div>
<div>The appointment of the outspoken American, which takes effect on 1 September, was welcomed by the City.&nbsp;<br />&nbsp;</div>
<div>Posen will reside in England during his three-year term. Besley will stand down at the end of August to pursue his academic career.</div>