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Domestic financial conditions are very heavily reliant on international ones and, as a result, central banks are left largely impotent, according to Bank of England Monetary Policy Committee member Catherine Mann.
Speaking at a Korean Development Institute event at the G20 Financial Stability Conference, Mann said "what domestic central banks can control is relatively little," with research showing some three-quarters of domestic financial conditions are due to global factors. Mann, who joined the MPC last week, stressed the need for international coordination among central banks. Her thinking will chime with her colleagues' views, with BOE Deputy Governor Ben Broadbent, for one, having highlighted how UK sovereign debt markets are typically driven by overseas, not domestic, news.