IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

Challenges for the Future

  • Mervyn King

    (Bank of England)

Registered author(s):

    The dinner last night we shall all remember for a long time. We were fortunate enough to hear three Federal Reserve chairmen-each of them a giant in his own way - and a reply from Don Kohn that was not only insightful and thoughtful but moving too. Tributes are one thing, but the Bank of England puts its money where its mouth is. Alan Greenspan originally loaned Don Kohn to the Bank, as we couldn’t afford the transfer fee. But as soon as Don was out of contract, we swooped to sign him for our new Financial Policy Committee (FPC). The respect and affection in which Don is held at the Bank of England is demonstrated by the presence here of three of us from the Bank. So what lessons have Don and we at the Bank drawn from the crisis? Let me relate these to the three topics of the conference - monetary policy, liquidity provision, and macroprudential policy, three of the core functions of central banks. The financial crisis has brought these core functions closer together, highlighting the complementarities as well as blurring the lines between them. The separation of monetary from financial stability policies no longer seems so clear - cut, and this new world presents central banks with many challenges.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    Article provided by International Journal of Central Banking in its journal International Journal of Central Banking.

    Volume (Year): 9 (2013)
    Issue (Month): 1 (January)
    Pages: 359-366

    in new window

    Handle: RePEc:ijc:ijcjou:y:2013:q:0:a:16
    Contact details of provider: Web page:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ijc:ijcjou:y:2013:q:0:a:16. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Timo Laurmaa)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.