CentralBanking.com (CB): You and David Green took some tentative steps towards drawing up a new monetary framework at the end of your book. Is your thinking any further along on how this framework should look?
Howard Davies (HD): A little bit. What has happened this week [the week beginning 10 May] is that you've got a new agreement that the Bank of England should have control of macroprudential policy. In our view, that's the right answer, as indeed is the decision not to switch institutional s