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北京大学英语新闻网/Peking University News Deputy Governor of the Bank of England Talks about Monetary Policy in the United Kingdom By Huang Jialiang PKU NEWS 2004—11—12 http://ennews.pku.edu.cn/news.php?s=100484061 By Huang JIaliang Peking University, Beijing, Nov 12th, 2004: Deputy Governor of the Central Bank of the United Kingdom of Great Britain and Northern Ireland, the Bank of England (BoE), Mrs Rachel Lomax, delivers a lecture on the topic of Monetary Policy in the United Kingdom today at China Centre for Economic Research (CCER) at Peking University. Mrs Lomax‘s lecture is about an hour long. First, she talks about UK‘s Monetary Policies since the 1970s. In the 1970s, Britain occurred ―stagflation‖ and the Bank of England adopted measures to control the monetary. In the 1980s, Bank of England pushed forward financial liberalism and there were both success and failure. In 1992, UK‘ s membership of the ERM ended in failure, which was a big loss to the United Kingdom. Since 1992, BoE has developed ―Inflation Targeting‖ by controlling the interest rates to cool down the over-hot economic situation in the UK. And 1997 was 1148
北京大学英语新闻网/Peking University News an important year for Bank of England and the British monetary system—BoE gained its independence and became an independent bank, which means Britain welcomed its first independent bank, though Britain was the first to have made great achievements in the capitalist system among all capitalist countries. Mrs Lomax concludes that the 1990s was a decade of low and stable inflation, strong growth and rising employment due to the work of BoE. It was the most successful period of the recent 200 years. Then, Mrs Lomax introduces the monetary framework of the UK and how it works. First, the government sets objectives and MPC sets the interest rates according to these objectives. However, the work of BoE is independent from the government, but the price stability is a legal requirement. Members of the Monetary Committee of BoE have the accountability to the Parliament, the Government and the Public. Thus, the precise inflation target is set annually, according to the BoE Act, 1998. There is a special system called ―letter writing‖ which is an interesting feature of the British monetary system. It limits Members‘ flexibility in deciding the interest rate because when problems occur due to the mistake in the interest rate, they have to write a letter to the Chancellor of Exchequer to explain the reason and raise the solution to deal with it. Another requirement is Transparency. To make the deciding process of BoE transparent, every Member‘s vote is publicized to the society and there is a publicity of meeting every week. Accountability is emphasized throughout the work of BoE. Members of the Monetary Committee of BoE have the accountability to receiving question from the Parliament and the Public, which is an important part of making banking adjustment. Communication is the last characteristic of British monetary system. BoE should meet public and political audiences by publishing articles, appearing in radios and Parliament. It does not mean that the decisions BoE makes are politically influenced; actually, this accountability is to ensure clarity when the monetary policy is given. Apart from introducing the monetary system of the UK, Mrs Lomax makes a brief introduction to the working style of Bank of England. At the end of the lecture, she gives some thoughts on monetary. She thinks the Inflation Targeting has been associated with a remarkable period of economic success in the UK and inflation expectations are now well-anchored and the Philips curve is flat. The rising house price and household in debt have been areas for concern in the UK. She says ―policy maker still face great uncertainties‖, but ―we are proceeding with care‖. Edited By : Liu Li Related Topic : Related News : Related Feedback: 1149
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