Applications sought for "near-impossible job" George Osborne launched the contest to become the next Bank of England governor on Tuesday, as he published the advertisement for what has been described as a "near-impossible" job. Mr Osborne called for a "fair and open competition" as he seeks to replace Sir Mervyn King, whose second term as governor expires in June 2013 - but the job specification is daunting. The advertisement, to be published in The Economist on Friday, sets out the huge range of responsibilities of the new governor, who will take over a beefed-up institution whose powers range from monetary policy to bank regulation. Mr Osborne wants to name the new governor at the beginning of 2013, raising the prospect of a potentially awkward transitional period; the Bank of England acquires its new powers on January 1 while Sir Mervyn is still in charge. The favourites for the role are Lord Adair Turner, chair of the Financial Services Authority, and Paul Tucker, the Bank's deputy governor for financial stability who has spent most of his career at Threadneedle Street. Lord Gus O'Donnell, the former head of the civil service, has refused to rule himself out of applying for the job. Mark Carney, the governor of the Bank of Canada, has been linked with the role but has denied the speculation. Ed Balls, shadow chancellor, has said the next governor's job is so vast that it is almost impossible and that "only superhumans need apply." The job description says: "The governor leads the Bank of England and plays an important role in setting monetary and regulatory policy, chairing the monetary policy committee, the financial policy committee and (from next year) the board of the Prudential Regulation Authority." On top of that, the governor "represents the Bank in important international fora such as the G7, G20, The European Systemic Risk Board and the Bank of International Settlements in Basel" as well as being a member of the Bank's court of directors. "I fear the governor's seat has grown to impossibly large proportions," said Philip Rush, an economist at Nomura. The new role requires a chairman's skills more than monetary policy expertise. Although it is the first time the governor's job has been publicly advertised, the previous Labour government had pledged to advertise for the role of governor and deputy governor in 2008. The advert for calls for "a person of undisputed integrity and standing" who "will have experience of working in, or with, a central bank or similar institution; or will have worked at the most senior level in a major bank or other financial institution." Treasury insiders said the successful candidate should have "knowledge of the British economy," potentially limiting the prospects of any foreign applicants. The closing date for applications is 8 October and initial interviews will be conducted by senior Treasury and BoE officials. The panel will then report to the chancellor and a final recommendation will be made by David Cameron to the Queen. Nick Clegg, deputy prime minister, has no formal role but is expected to be consulted. For the first time, a new governor will have a pre-appointment hearing with the Treasury select committee, but MPs have not been granted their request to a right of veto over the appointment. Sir Mervyn will leave the Bank at the end of June 2013. Unlike the incumbent, who served two five-year terms, the new governor's appointment is for one term of eight years - the same as the president of the European Central Bank.