Central bankers do it their way

ARTICLE - It is as well that central bank actions are not co-ordinated. The US Federal Reserve has a clear bias towards stimulus and preventive action, as its half-point cut in interest rates this week shows.

First published in the Financial Times by Samuel Brittan, 8 November.

The European Central Bank has a bias towards caution and delay. The Bank of England is in between. The averaging out of such biases is more likely to produce a beneficial result than any world secretariat.

Despite all the

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