An alternative vision of the Old Lady

Tim Young

In my view – also as a former Bank of England (BoE) employee – Richard Barwell's suggested reform of the Old Lady of Threadneedle Street (Central Banking journal, February 2014) appears to be in the opposite of the right direction. If anything, the BoE, and central banks generally, need to distance themselves from academic economics and ensure staff are expected to move between functions to build a central banking profession and identity in its own right.

While it would be unrealistic to expect

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