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- Title
UK monetary policy: the international context.
- Abstract
In this speech,(1) Rachel Lomax,(2) Deputy Governor responsible for monetary policy, discusses how developments in the international economy influence UK monetary policy. The world economy has grown strongly over the past few years, and the outlook remains robust, despite the sharp rise in oil prices. But from a UK perspective, external developments have been less supportive, because our main export markets have grown relatively slowly and because trends in prices, in particular oil prices, have become less favourable. Further increases in oil prices pose significant risks for the international economy, as do the possibilities of a disorderly unwinding of global imbalances or departure from the recent exceptionally low long-term interest rates. If these risks were to materialise, the potential effects on the UK economy could be significant, but are highly uncertain. The central view remains that the international economy will continue to provide moderate support for a rebalancing of the domestic economy.
- Subjects
UNITED Kingdom; BRITISH economic policy; MONETARY policy; LOMAX, Rachel; ECONOMIC policy; HOME economics
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 4, p483
- ISSN
0005-5166
- Publication type
Article