IMF Staff Country Reports

United Kingdom: Selected Issues

Publication Date:

May 14, 1999

Electronic Access:

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Summary:

This Selected Issues paper examines the operational independence and the conduct of monetary policy in the United Kingdom. The paper describes the inflation targeting framework and the analytics of the decision-making process. It suggests that inflation targeting, although not entirely new in terms of the basic idea, is a rather significant step toward establishing a workable and well-defined framework for monetary policy. The paper also describes structure, mandate, and policy issues associated with the financial services authority.

Series:

Country Report No. 1999/044

Subject:

Banking Central bank autonomy Central banks Financial sector policy and analysis Financial services Financial stability assessment Inflation Inflation targeting Monetary policy Prices