Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
You are viewed as the intellectual leader that drove through the concept of inflation targeting and central bank transparency that helped to restore UK monetary policy credibility in the 1990s and 2000s. How was this achieved?
The great tradition in central banks was the opposite of transparency. At the Bank of England [BoE], there was a famous session in the 1930s, when the then deputy governor, when asked whether the bank had considered publishing a report on any of its activities by a
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