Quarterly Bulletin
November 1996 Contents

The operation of monetary policy (139k)
Note on developments in the gilt repo market

The international environment (56k)
Box on developments outside the largest overseas economies

Financial market developments (208k)

Interpreting sterling exchange rate movements (68k)

The demand for Divisia money by the personal sector and by industrial and commercial companies (44k)

International monetary policy co-ordination: some lessons from the literature (30k)

The external balance sheet of the United Kingdom: recent developments (60k)
Box on the co-ordinated portfolio investment benchmark survey
Box on measurement issues: cross-border repos

Public sector debt: end-March 1996 (72k)

How should central banks reduce inflation? - conceptual issues (131k)

Developing voluntary domestic markets for government debt (53k)

Financial Stability Review - a profile of the new publication (9k)

Research and policy at the Bank of England (34k)
Speech given by the Deputy Governor on 5 September at the Money, Macro and Finance Conference

Practical issues arising from the introduction of the euro (24k)
Introductory comments given by the Governor and John Townend, Deputy Director, at a press conference on 16 September
Box on the statistical implications of the single currency

Economic policy approaches - some reflections (28k)
Lecture given by the Governor on 14 October at the Reserve Bank of India

Risk reduction in payment and settlement systems (30k)
Chartered Institute of Bankers' Gilbart Lecture given by the Governor on 22 October