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Summary

This chapter sets out a dozen propositions aimed at underpinning and, perhaps, revitalising Britain’s Monetary Policy Committee and the regime entrusted to it. It has not addressed the many reform proposals - such as merging the MPC and Financial Policy Committee, or having regional representatives on the MPC. Nor has it addressed the incentives of the regime’s parliamentary and other overseers.

Summary

In the final Chapter 9 we discuss the latest reactions of central banks to the rise of inflation, which can be interpreted as an attempt to safeguard their independence against governments. We consequently argue for a return to a division of labour in line with the Tinbergen-rule of economic policy, which can be translated as: one objective, one instrument, one agency. This shift would place much more responsibility for broader economic outcomes on the shoulders of governments, leaving central banks to tend to the narrower agenda of monetary stability.

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14 - Outlines of a Reform Programme for the UK’s Monetary Regime

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9 - The Future of CBI

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14 - Outlines of a Reform Programme for the UK’s Monetary Regime

Summary

9 - The Future of CBI

Summary