Monday, May 30, 2011
The reason such an inquiry might seem appropriate is that over the next few years the Bank acquires new powers and responsibilities that will make this 317-year-old institution arguably the most powerful authority in the land – more powerful in terms of its influence over the economy than the Chancellor himself.
It's a grand experiment in macroeconomic management the like of which has never been tried before. In addition to its existing powers to set interest rates and manage the money markets, the Bank of England will acquire responsibility not just for banking supervision but for controlling the credit cycle in the round – a function known as "macroprudential regulation".'
Posted by DotConnector at 11:30