The impediments to his candidacy are generally judged to be: he's part of a failed regulatory regime; he hates the City; he thought Britain should join the euro.
His response to the first point is that he wasn't at the scene of the accident. He became chairman of the FSA in September 2008, a week after Lehman Brothers' collapse. This, he says, was like being appointed captain of the Titanic after the iceberg had been struck but before the ship had sunk. In a broad sense, it's a fair point. But one should also ask why it was the US authorities, and not the FSA, that unearthed the Libor abuses.
On the second point, he says he loves the parts of the City that work well and thrive – such as the Lloyd's of London insurance market and asset management. That seems an entirely reasonable stance. In any case, past remarks about some "socially useless" activities in the financial services industry were spot-on.
On the euro, there's nothing Turner can do but hold up his hands and say he got it wrong. He did that and also gave a lucid account (well worth reading) of the single currency's design flaws and the enormous steps still required by politicians to keep it intact.
All the same, the euro blot on Turner's CV will be hard to ignore: his analyses have always been brilliant but, on the biggest financial call that faced the UK in the past 20 years, he was on the wrong side of the argument. Still, if the government can look beyond that episode, Turner has strong arguments to make about the need for flexibility in monetary policy. But the bookies, one suspects, are probably right to make him only third favourite in the governor stakes.
guardian.co.uk © Guardian News and Media Limited 2010