A huge problem, in my view, is the difficulty of co-ordinating policy inside the BoE. It is simply untrue that financial stability and monetary policy can be treated separately, particularly in times like today’s. Policies that address the stability of the financial system, such as raising capital requirements or constraining lending, have powerful and direct consequences for monetary policy and vice versa. Under the envisaged plans, however, only a few permanent officials sit on all committees. This will give them extraordinary influence over the process and leave the outsiders who sit on only one of these bodies at a huge disadvantage. This is a mistake.
在我看来,一个重大问题在于,在英国央行内部协调政策非常困难。认为可以将金融稳定和货币政策区别对待的观点完全是错误的,尤其是在如今这种形势下。旨在提高金融体系稳定性的政策,比如提高资本金要求或限制放贷,会对货币政策产生重大而直接的影响,反之亦然。然而,按照设想的计划,只有少数几名终身制官员在所有的委员会中任职。这将让他们能够对决策过程施加特殊影响,并置那些仅在一家委员会任职的“局外人于极为不利的位置。这是一个错误。
Beyond that, the investigations of the BoE’s performance during the crisis have revealed serious failings. Examination of performance before the crisis might reveal still more important failings. As an experienced outsider, Mr Carney is in a relatively good position to act as the needed new broom. He must do so. But as he does, he must pay attention to making the BoE less centralised without thereby making it less able to respond quickly to events.
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