In this speech, Mervyn King, Deputy Governor responsible for monetary policy, discusses the imbalances in the UK and US economies. He argues that they present major sources of uncertainty for the Bank's Monetary Policy Committee. Any unwinding of these imbalances could prove a difficult...

In this speech, Mervyn King, Deputy Governor, discusses the evolution of the international financial system over the past 50 years. The rapid increase in capital flows over this period has delivered benefits to both developed and emerging economies. But it has also brought challenges - none...

In this speech, the Governor first describes the Monetary Policy Committee's mandate and the approach the Committee takes in trying to meet it, essentially by maintaining a balance between overall demand and supply. He surveys the record of the authorities in meeting that goal since 1992....

Why have central banks become more accountable and transparent in recent years? This paper considers a set of analytical models of monetary policy institutions to shed light on this. One conclusion it reaches is that uncertainty - regarding the central bank's inflation preferences or about the...

In this lecture to the London School of Economics, Mervyn King, Deputy Governor, re-examines the case for price stability ten years after Robin Leigh Pemberton asked the same question in the first LSE-Bank of England lecture. Mervyn King asks three questions. Did the benefits of low inflation...

In this speech, Mervyn King, Deputy Governor, reflects on the first five years of the Monetary Policy Committee. He poses four questions about the role and record of the MPC. First, why give the power to decide interest rates to a committee rather than an individual? Second, does it matter that...

In this speech, Mervyn King, Deputy Governor, asks, and then tries to answer, three questions concerning the current economic slowdown. First, why has the world economy turned down so rapidly? Second, is the United Kingdom heading for recession? Third, when will the imbalance between...