No Country is an Island - speech by Mervyn King

In a speech to be delivered at the Institute of Petroleum Annual Dinner on 21 February, Mervyn King, Deputy Governor Monetary Stability and a member of the Monetary Policy Committee, discusses developments in the world economy and their possible impact on the UK economy.
Published on 21 February 2001

Mr King argues that despite volatility in the international economy in recent years, the UK economy has seen greater stability, and achieved a post-war record of uninterrupted economic growth, falling unemployment and lower inflation. He notes that the recent stability of inflation owes much to the fact that economic shocks from overseas have tended to offset each other, and that it will not necessarily be easy in the period ahead to keep inflation within the 1% range within which it has moved in the last five years. However, he emphasises that the Monetary Policy Committee will always act to maintain stability by focusing on the 2 ½% inflation target.

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