Who will succeed steady Sir Eddie?

ONE of the top jobs in world finance - Governor of the Bank of England - is up for grabs. Whoever succeeds Sir Edward George next year will also be chairman of the Monetary Policy Committee, which sets interest rates. And the new governor will play a key role in deciding whether to scrap the pound for the euro. Here, DAN ATKINSON looks at the frontrunners - and the dark horses.

King of the Hawks
MERVYN KING

And with the demise of the 'Governor's eyebrows' - the legendary function of policing the City with the occasional potent show of disapproval - someone with 52-year-old King's academic demeanour seems better suited to the job than would have been the case ten years ago.

Style: 'He would be a leader in MPC debates,' said one distinguished economist. 'Mervyn would want to show the others the way.'

On the euro: Not keen, and scarcely bothers to hide the fact.

On interest rates: Highly hawkish.

Political connections: Gets on well with the Treasury's monetary committee insider Gus O'Donnell.

Odds:
2-1

Mister Motivator
HOWARD DAVIES

Status: Bank deputy governor from 1995 to 1997. Left to set up the Financial Services Authority, the chief City regulator. This huge task remains his greatest achievement in a career spanning the Foreign Office, the Confederation of British Industry and the Audit Commission. His Bank links remain close - he sits on its court of directors and shares responsibility with the Bank for the stability of the financial system.

Style: The 51-year-old Manchester City die-hard would exude informality chairing the MPC. It would be foolish to mistake this for a casual or laid-back approach.

On the euro: Hugely in favour, verging on euro-fanatical.

On interest rates: May favour generally lower rates to help industry.

Political connections: Good, but irrelevant. His chances depend on the Government going for the euro.

Odds:
2-1

The gnome of Basle
ANDREW CROCKETT

Status: General manager of the Bank for International Settlements based in Switzerland. Impeccable credentials. An executive director of the Bank of England from 1989 to 1993, the 59-year-old Scot worked for the International Monetary Fund from 1972 to 1989. He made his name reforming the BIS.

Style: 'At parties, he does not look over your shoulder to see if there is anyone more important to talk to,' said one associate. He may well continue Sir Edward George's practice of gathering all views at MPC meetings to find common ground.

On the euro: In favour, though more dispassionately so than Davies.

On interest rates: Anti-inflation in an orthodox way, but would not raise rates for the sake of it.

Political connections: Low-key, but long-standing. He was an adviser to Gordon Brown's hero, the late John Smith.

Odds:
5-2

Gordon's golden boy
GUS O'DONNELL

Status: At 49, the economic policy chief at the Treasury is thought to be too young for the post - and a little too useful to Chancellor Gordon Brown in his present role. 'He is being talked about,' said one economist, 'but, personally, I think it is ten years too early for him.'

Stints in our Washington embassy and as a director of the International Monetary Fund and World Bank give him a global perspective.

Style: Thought to be a good listener and an enthusiastic explainer.

On the euro: Runs the Treasury team assessing the 'five economic tests', but thought quietly sceptical.

On interest rates: Shares Brown's tough approach to inflation, believing it causes damaging instability.

Political connections: Excellent, and his capacity to serve different governments with equal enthusiasm is in the best tradition of the civil service.

Odds:
8-1

The rest of the runners and riders

DAVID CLEMENTI, 53: Bank deputy governor. Widely expected to retire when his term expires in August, but has said nothing publicly and must be considered a contender.

Odds:
20-1

GAVYN DAVIES, 51: City economist may be finding his job as BBC chairman rather less enjoyable than he had expected. In which case, the Bank might beckon.

Odds:
25-1

DeANNE JULIUS, 53: Former member of the MPC and independent-minded economist. USborn, would have a double entry in the history books - the first woman governor and the first from abroad.

Odds:
50-1

Roderick Carr, 43: Deputy governor of the Reserve Bank of New Zealand. There are close links between the two nations' central banks.

Odds:
2-3