Free Trial

MNI BRIEF: BOE Mann: Domestic Central Banks Control Little

(MNI) LONDON
(MNI) London

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.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.