Quarterly Bulletin
February 1999 Contents

Markets and operations (132k)

The international environment (215k)

Sterling wholesale markets: developments in 1998
(66k)
Box on the Bank's operational role in the gilt-edged market

The external balance sheet of the United Kingdom: recent developments (66k)
Box on changeover to ESA95 and BPM5

The impact of inflation news on financial markets
(66k)

Monetary policy rules and inflation forecasts (50k)

The yen/dollar exchange rate in 1998: views from option markets (182k)
Box on how OTC market quotes can be used to infer information about expected future currency movement

Risk, cost and liquidity in alternative payment systems
(66k)

Monetary policy and the international economic environment
Speech by the Governor at the Chartered Institute of Bankers in Scotland on 18 January 1999

Monetary policy and the labour market
The employment Policy Institute's fourth annual lecture, by Mervyn King, Deputy Governor,
on 1 December 1998

EMU: a view from next door (33k)
Speech by John Vickers, Executive Director and Chief Economist, at the RIIA conference
on EMU in London on 27 November 1998

 Central bankers and uncertainty (132k)
The annual Keynes lecture, by Professor Charles Goodhart, member of the Bank's Monetary Policy Committee, given at the British Academy on 29 October 1998
Discussion by Charles Bean, London School of Economics
Discussion by Charles Freedman, Deputy Governor, Bank of Canada