La Banque d'Angleterre
Une marche erratique vers l'indépendance 1977-2007
The bank of England
An erratic march towards independence 1977-2007
The independence of central banks, which was established over the last quarter of the 20th century in most western countries, took a long time to develop in the United Kingdom.
One of the oldest and most prestigious banks in the world, the Bank of England only obtained the right to conduct monetary policy without government interference in 1997. Prioritising the fight against inflation over that against unemployment was far from straightforward in the homeland of Keynesianism. Even more difficult was attacking the "Westminster model" based on the supremacy of Parliament, and entrusting an agency of unelected technocrats with a key instrument in economic policy.
Sylviane de Saint Seine has closely observed the evolution, punctuated by periodic experiments and spectacular turnarounds, towards one of most significant institutional reforms in post-war United Kingdom. Through the transformations of the “Old Lady of Threadneedle Street” she brings to life the aggiornamento of the British political and economic system, with its actors, its highlights, and its intellectual background. She also reveals the foreign influences – in particular that of Alan Greenspan and the American Federal Reserve – that influenced British political figures.
The foreword of the book is written, in English, by former Chairman of the RBS, Howard Davies, who describes it as “a fascinating and timely study”.