In this speech, Paul Tucker, Executive Director for Markets and Monetary Policy Committee member, explores the political economy context in which modern-day central banks work. He reviews how in the United Kingdom political economy considerations have shaped key features of today's monetary...

A vital element of recent reforms to the UK architecture of financial regulation is the creation of a macroprudential authority at the Bank of England — the Financial Policy Committee (FPC). This article explains the role and powers of the FPC in relation to risks that threaten the resilience...