Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Research > Independence - 20 Years On

Independence - 20 Years On

29 September 2017

Event date: 28 - 29 September 2017

The Bank of England was granted operational independence over monetary policy on 6 May 1997.

Since then, our powers have increased beyond those originally granted to include financial stability and the regulation of financial firms, such as banks and insurers.

The 20th anniversary is an appropriate time for us to reflect on the theory of central bank independence, its practical application and its future. As part of this, we held a conference on 28 and 29 September 2017 discussing these topics.

The conference was an opportunity for us to talk to other central bank practitioners, observers and, indeed, critics to take stock of our experiences of operational independence and think about the challenges, questions and opportunities that lie ahead.

Read Mark Carney's opening remarks

Presentations and slides from Day 2

In the Fray, Not Above It - Observations on the Global History of Central Bank Independence - Adam Posen (Peterson Institute for International Economics

Central Banking and Fintech - A Brave New World? - speech by Christine Lagarde (International Monetary Fund)

Central Bank Independence: Mirage and Mythos - Willem Buiter (CitiGroup) 

Presentations and slides from Day 1

Central bank independence in retrospect - Guy Debelle (Reserve Bank of Australia)

Does the model remain fit for purpose? Monetary policy considerations - Ricardo Reis (London School of Economics)

Speech by Stanley Fischer (US Federal Reserve System)

Does the model remain fit for purpose? Financial stability considerations - Adair Turner (Institute for New Economic Thinking) 

Click here to read the Knowledge Bank post "How is the Bank of England independent of the Government?"