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- Title
A tale of two shocks: global challenges for UK monetary policy.
- Abstract
In this speech, Andrew Sentance, a member of the Monetary Policy Committee (MPC), discusses the challenges currently facing the MPC in assessing the impact of two major global shocks: rises in oil and other commodity prices, and the recent problems on financial markets. These shocks have potentially opposing impacts on inflation, so judging the appropriate monetary policy response will not be easy. The MPC will be watching economic indicators closely but will remain focused on its remit of keeping inflation on course to meet the 2% target, as experience shows that low and stable inflation provides a solid platform for healthy growth and a more stable economy over the longer term.
- Subjects
UNITED Kingdom; SPEECHES, addresses, etc.; SENTANCE, Andrew; MONETARY policy; COMMITTEES; PETROLEUM product sales &; prices; FINANCIAL crises
- Publication
Bank of England Quarterly Bulletin, 2007, Vol 47, Issue 4, p613
- ISSN
0005-5166
- Publication type
Article