It is time to reorganise the Bank of England

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The Bank of England has two macro-economic objectives – price stability and financial stability. The former is the responsibility of the monetary policy committee (MPC) and the latter of the financial policy committee (FPC). But the two objectives can no longer be separated, and in any case, in practice the executive managers of the BoE have reserved to themselves decisions on important issues of monetary and financial stability policy.

Moreover, quantitative easing (QE) has affected both

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