A few remarks on current monetary policy in a rebalancing economy - speech by Paul Tucker

Speaking in London today, Paul Tucker – Deputy Governor, Financial Stability, Member of the Monetary Policy Committee and Member of the Financial Policy Committee – discusses current monetary policy in light of the need for the economy to rebalance.
Published on 22 November 2011

He says: "Given the ferocity of the shocks that have already hit the economy, and the pervasive uncertainty that persists about global economic and financial conditions, these are circumstances where taking longer than usual to re-achieve the 2% target is warranted, so that the economy’s supply capacity is not impaired by more than can be avoided." But he cautions that "...an absolute precondition for maintaining that support to demand, and so limiting the damage to the economy’s supply capacity, is the credibility of monetary policy."

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