Mervyn King, Baron King of Lothbury in 1990 as a non-executive director, and became the chief economist in 1991. In 1998, he became a deputy governor of the bank and a member of the Group of Thirty. King was appointed as Governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the bank during the financial crisis of 2007–2008 and the Great Recession. King retired from his office as governor in June 2013, and was succeeded by Mark Carney. He was appointed a life peer and entered the House of Lords as a crossbencher in July 2013. Since September 2014 he
Bank run suspect other depositors will believe the story. The story becomes a self-fulfilling prophecy. Indeed, Robert K. Merton, who coined the term "self-fulfilling prophecy", mentioned bank runs as a prime example of the concept in his book "Social Theory and Social Structure". Mervyn King, governor of the Bank of England, once noted that it may not be rational to start a bank run, but it is rational to participate in one once it had started. A bank run is the sudden withdrawal of deposits of just one bank. A "banking panic" or "bank panic" is a financial crisis that occurs when