MUSICAL CENTRAL BANK CHAIRS

There's been a major political shake-up in Singapore with Lee Hsien Loong, former central bank chairman and son of Senior Minister Lee Kwan Yew, becoming prime minister. (Which is truly exciting stuff - pundits across the region are forecasting another decade of stability and gradual liberalization).

And the chief of Singapore's de facto central bank is... the former prime minister Goh:

SINGAPORE : After weeks of intense speculation, it was finally revealed on August 10 that the hot seat at the central bank is to be filled by outgoing Prime Minister Goh Chok Tong - a decision that observers describe as surprising, but wise.

In a statement on Tuesday, the Government said Mr Goh, who will also be Senior Minister in the proposed new Cabinet, will head the Monetary Authority of Singapore (MAS), with Education Minister Tharman Shanmugaratnam moving up the ranks as deputy chairman.

Meanwhile, outgoing MAS chairman Lee Hsien Loong - who will be sworn in as Prime Minister on August 12 - will continue to head the Finance Ministry, a position he has held since November 2001.

This was a bit of a surprise, although not a complete one. No one had any doubts that Goh would receive a plum post after stepping down.

I doubt that this will have any real impact on Singapore's monetary policy (nor should Lee the younger's rise to PM have any real impact on Singapore's politics) so it's not a really big deal.

Still, as S'pore blogger Zuco notes, Singapore's leading party does somewhat resemble a royal family:

Kind of reminds me when the present Queen Elizabeth became queen. At the funeral of her father (George VI), she (the new queen) was accompanied by her mother (Elizabeth, the former Queen consort) now the Queen Mother and her grandmother (the former Queen Mary, consort of King George V), now the Dowager Queen.

Heh. Very well... Long live the King!