Beckett was later murdered. And Mervyn King will not come to the end ?. However, Henry II's successor, Archbishop of the Church and its final bow before that. Bank of England will face the same destiny?
In fact, one of the consequences of this crisis is threatening the central bank's independence, and not only in the UK. This is for three reasons: in official interest rates close to zero, the monetary and fiscal policy have become blurred; governments - especially Britain and the U.S. government - the huge budget deficit, the stability of the monetary system pose a threat; there is a reason for last: a disaster caused by those in power want to shirk responsibility.
In fact, gold is not the only one of the central bank has been criticized. Federal Reserve (Fed) Chairman Ben Bernanke ? (Ben Bernanke) because in Bank of America (Bank of America) acquisition of Merrill Lynch (Merrill Lynch) in the case of the role, has been strongly criticized the U.S. Congress. Staggering, the German Chancellor Angela Merkel ? (Angela Merkel) have been directly criticized the European Central Bank (ECB), including the implementation of various unconventional central bank policies.
turbulent times will have a noisy central bank governors, as well as around the central functions of the different opinions. The problem is that central bankers how to act? Central bank independence, especially in such a precarious politics so chaotic, the situation is so severe the UK. My point is: be careful, but not blindly silence.
King's four points, and both are critical of government: first, with the Fed's belief, "If the banks are considered too big to fail, then ... they are too big & rdquo ;; Second, the Bank of England has "given the new law, maintaining financial system stability in terms of ... ... (but) if we can do is limited to sermons or funeral arrangements, then we do not know, the central bank will recently been given to carry out its statutory responsibilities "; Third, the Government has not the forthcoming White Paper on financial services, seek professional advice; Finally, as in his House of Commons Finance Committee (Commons Treasury committee) speech when he said:" If the Budget forecast assumed when GDP trajectory of economic recovery in line with reality, then I think that the progress of our deficit reduction, it may be faster than the (budget) forecast implies progress. "
Let us start from a simple question: The four points of the central bank governor thrust is correct? The answer is: right, all right. Although the scale is not the only consideration, but do not worry if the private sector bankruptcy, they should not operate freely. Similarly, it is necessary not only to match the power and responsibility, and, as a focus of the overall economic situation of the institution, the Bank of England's most suitable to impose the financial system "macro prudential" controls.
In addition, the Government has not consulted on the forthcoming White Paper on the views of the Bank of England governor, this argument, if true, it is also a problem looks incredible. Most importantly, only Brown and his cronies will deny this obvious fact the following: (UK) is simply the financial situation is difficult to maintain - the OECD (OECD) predicts that by 2010, Britain's budget deficit will gross domestic product accounted for (GDP) of 14%. Slash spending to GDP ratio, while increasing the tax to GDP ratio is inevitable.
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