In the quarter-century since the Bank of England Monetary Policy Committee was established, the various financial operations of the Bank of England and of the Government have become more inter-dependent, as a result of the financial crisis, quantitative easing, the response to Covid, and...

The paper advocates a reallocation of central bank assets towards easier-to-sell securities, so as to facilitate a tightening of monetary policy when needed, and descries how such a tightening might be carried out

The paper reviews the arrangements for meeting additional post-crisis demand for international liquidity. It distinguishes between reserve creation and reserve pooling as a basis for multilateral liquidity facilities; reserve pooling arrangements carry the risk that, in a general crisis, all the...