Two future paths for central banking


“Halfway up the stairs
Isn’t up,
And it isn’t down.
It isn’t in the nursery,
It isn’t in the town.”
AA Milne, Halfway Down (1924)

It is the 25th anniversary of Central Banking. So it is a good time to be asking some big questions of central banking. How have central banks evolved over the last quarter of a century? How has the crisis affected that evolution? And what lies in prospect for them over the next 25 years?

AA Milne’s 1924 poem, Halfway Down, is a fitting description of the position central

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