From triumph to the brink of despair

The journal starts in August 1990 with a bang: an exclusive interview with Robin Leigh-Pemberton, the governor of the Bank of England. Already some of the key elements in the rise of central banks are there, allied to a concern with the soundness of the banking system: "We at the central bank have to try to ensure that we have a sound banking industry in which people have absolute confidence." Also, "we should ensure financial markets in which people have confidence."

Understanding independence
O