Monetary policy, equity markets and the City's infrastructure

Quarterly Bulletin 1989 Q4
Published on 01 December 1989

Reviewing the economy's response to date to the tightening of monetary policy, the Governor stresses the need for persistence with a firm monetary stance and warns against unrealistic faith in any quick or easy alternative. He goes on to comment on recent events in world equity markets and on some of the questions they have raised; in the UK context he gives a cautious assessment of corporate gearing and high-risk bond finance. Finally, he underlines the importance for London's position as a pre-eminent financial centre of progressive strengthening of the infrastructure of the payment and settlement systems.

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