The Bundesbank: a view from the Bank of England

Quarterly Bulletin 1993 Q2
Published on 01 June 1993

By Mervyn King, Executive Director and the Chief Economist of Bank of England

Mervyn King, Executive Director and the Bank's Chief Economist, describes the historical links, the similarities and some of the differences between the Bundesbank and the Bank of England.

He concludes that the principal aim of any central bank is to eliminate macroeconomic instability which, though not always straightforward, is a necessary condition for economic success. Mr King argues that it IS this shared commitment to stability which provides the real basis for European monetary co-operation. The differences of form, structure and organisation are secondary to the fundamental intellectual conviction that good governance of the economy goes hand in hand with price stability.

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