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Miles: Don’t just do something, stand there”… (and think)
I became a member of the Monetary Policy Committee over 6 years ago; I will leave the Committee at the end of August having by then gone through 75 monthly meetings. When I joined the Committee Bank Rate had recently been cut to ½% and asset purchases had just begun. At that time it seemed extremely unlikely that interest rates would remain at this emergency setting for very long and it was not expected that asset purchases would go very much further (though in retrospect only a piffling £75 billion had then been purchased). No one on the Committee in mid-2009 would have thought it even remotely likely that by ... (full story)