Bank of England and the Global Financial Crisis
Like the US Fed, the Bank of England (BOE) was, under its legal framework, required to be a market-oriented central bank and lender of last resort in the event of financial crises; prudential regulation was distributed between it and another independent agency. But its two-tier relationship was challenged by its method of crisis management selected during the GFC. This chapter will explain how its market-oriented commitment was changed as a result.
KeywordsMonetary Policy Global Financial Crisis Inflation Target Tripartite Model Financial Service Authority
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