In a 30-year rollercoaster, the Bank of England and Treasury have built resilience into the British economic and monetary system. Yet much could still go awry. Federal Reserve veteran Don Kohn, now on the Bank of England’s financial policy committee, summed up the mood at an OMFIF seminar on BoE modernisation: ‘Now we have a very good system of committees, it works well together, there’s good overlap. The Bank of England is unique in having so much authority in one place. That doesn’t mean that something isn’t going to happen that can catch everyone by surprise.’ The drawn-out transition at the apex of British ... (full story)