Central banking in boom and slump - speech by Charlie Bean

In the JSG Wilson Lecture, at the University of Hull, Charlie Bean considers how policy was set during his tenure at the Bank of England, and considers what lessons have been learnt from the financial crisis.
Published on 31 October 2012

“My first seven years at the Bank coincided with one of the most tranquil periods in British macroeconomic history. The past five years since the eruption of the global financial crisis have been anything but. It has been a challenging but humbling experience. We knew less than we thought. And we forgot some of the lessons of history. As a result of the crisis, we have found ourselves providing liquidity support in unexpected ways, deploying unconventional monetary policies in alien circumstances, and developing a whole new lexicon of macroprudential policies. Hopefully we will be in a position to leave our successors both wiser and with a better toolkit to deal with similar challenges in the future.”

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