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1 - Introductory

Published online by Cambridge University Press:  18 September 2020

Harold James
Affiliation:
Princeton University, New Jersey
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Summary

This introductory chapter outlines the transformation or modernization of the Bank of England in the twenty years after 1979: how governance and accountability were transformed, and communication was accorded a greater role, as the Bank moved to policy autonomy or operational independence from the UK government. The process amounted to what might be described as an informational revolution. The transformation of macro-economic management may also be considered as part of a broader process of globalization. Central banks everywhere became much more aware of international activities and developments, and policy-makers reflected more on how the UK was affected by what went on beyond its frontiers. There was also a greater legalization: a need for legislation to define what was involved in banking, and how to regulate banking. Finally, the nature and definition of money and of monetary stability became the subject of a political debate.

Type
Chapter
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Making a Modern Central Bank
The Bank of England 1979–2003
, pp. 1 - 31
Publisher: Cambridge University Press
Print publication year: 2020

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  • Introductory
  • Harold James, Princeton University, New Jersey
  • Book: Making a Modern Central Bank
  • Online publication: 18 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108875189.001
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  • Introductory
  • Harold James, Princeton University, New Jersey
  • Book: Making a Modern Central Bank
  • Online publication: 18 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108875189.001
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Introductory
  • Harold James, Princeton University, New Jersey
  • Book: Making a Modern Central Bank
  • Online publication: 18 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108875189.001
Available formats
×