Stability objective should drive financial policy, says BoE’s Bailey
Bank's Bailey says stability goal must not be swayed by “murky compromises with other objectives”
Andrew Bailey, the executive director of banking and chief cashier at the Bank of England, on Monday called for a clear public policy objective for financial stability, drawing parallels to the adoption of low inflation as a source of stable growth in the 1970s.
"Our overriding objective must be to create a consensus of public opinion, which will enable financial stability to be embedded as a public policy objective in the same way that in the wake of the 1970s, low inflation came to be adopted
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