BoE’s Miles: Monetary policy 'does not hold all the cards'
Monetary policy has to be consistent with fiscal policy, says Miles
Monetary policy "does not hold all the cards" when it comes to keeping inflation on target, according to David Miles, an external member of the Bank of England's (BoE) monetary policy committee.
Speaking today at the University of Edinburgh, Miles said that while monetary policy is a more powerful tool than many economic models assume, it remains reliant on being consistent with fiscal policy.
"Monetary policy cannot be expected to achieve price stability in isolation from things fiscal", Miles
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