You have been closely involved in the key policy decisions at the Bank of England for many years. Could we pick up the story with Black Wednesday, ten years ago, when Britain crashed out of the ERM? What was the fallout from that experience?
Black Wednesday was an important stage in a process that's actually been going on for as long as I can remember, that of trying to arrive at a robust framework for monetary policy. The focus shifted in the mid-1970s towards targetting the money supply. And w