Quarterly Bulletin
February 1997 Contents

The operation of monetary policy (224k)
Box on estimating market expectations of short-term interest rates
Box on the Bank of England's operations in the sterling money markets
Box on recent developments in the gilt repo market

The international environment (74k)
Box on monetary policy in transition - the case of Central Europe
Box on recent performance relative to Maastricht convergence criteria

Financial market developments (94k)
Box on foreign equity turnover in London

Recent yield curve behaviour - an analysis (257k)

Increasingly weightless economies (55k)

Monetary policy implementation in EMU (32k)

The gilt-edged market: developments in 1996 (128k)
Box on Working Group on the gilt market after EMU

New arrangements for issuing banknotes (10k)

The financing of technology-based small firms (12k)

Britain's regional economies: how different are they, and how should those differences affect monetary policy? (85k)
Lecture given by the Deputy Governor on 8 November at Darlington

Monetary stability: rhyme or reason? (52k)
Speech by Mervyn King on 17 October at the Economic and Social Research Council Seventh Annual Lecture

Evolution of the monetary framework (25k)
Lecture given by the Governor on 7 November at Loughborough University

Prospects for monetary stability and the economics of EMU (15k)
Speech by the Governor on 12 November at the Confederation of British Industry National Conference, Harrogate

Financial regulation: why, how and by whom? (27k)
Speech by the Deputy Governor on 2 December at the Chartered Institute of Management Accountants

Are banks still special? (28k)
Speech by the Governor on 29 January at the IMF Seventh Central Banking Seminar in Washington DC