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Making a Modern Central Bank Harold James Index More Information Cambridge University Press 978-1-108-83501-5 — Making a Modern Central Bank Harold James Index More Information Index 1970s energy crisis, 2, 11, 32, 45, 46, 243 Executive Committee of Bank of England (Exco), 132, 197, 344 Abbey National, 388, 398 Financial Stability Committee, 407, 427–430 acceptance houses, 9, 108, 125, 203, 216, 217 Industrial Finance Division, 242, 246, Allen, Douglas, 21 248–250, 346 Allen, William (‘Bill’), 98, 116, 125, 135, 272, International Division, 10, 137, 209, 213, 299, 300, 315, 407–408 239, 258, 266, 270, 271, 337, 344, 345, 346, Arrowsmith, John, 258 428 Ashdown, Paddy, 310 Monetary Analysis, 10, 359, 438–439, 450 Asian financial crisis 1997, 308, 428, 429, 431, Money Markets Division, 113, 139, 389 437, 442 Panel of Academic Consultants, 87, 103 Askew, Henry, 277 reorganization, 343–352 Bank of Canada, 341, 448 Bagehot, Walter, 2, 6, 24, 203, 404 Bank of Credit and Commerce International Baker, Herbert, 5 (BCCI), 10, 30, 205, 245, 319, 339, 341, balance of payments, 11–12, 34–40, 59, 179, 342, 343, 378–387, 388, 395, 399, 406, 418, 195, 443 419 current account, 164, 209, 271, 273, 444, 445, Bank of Japan, 208, 253, 299, 321, 439 457 Bank of Portugal, 295 Balls, Ed, 411–414, 418–419, 451 Bank of Spain, 379, 406 Banca d’Italia, 287, 290, 292, 297, 311, 426 banking supervision, 9–11, 14, 17, 30, 71, 109, Bank for International Settlements (BIS), 13, 190–191, 195, 202, 220–222, 225–234, 33, 202, 209, 241, 256, 346, 406, 451 236–240, 310–313, 317, 322–323, Bank governance 339–343, 376, 399–408, 409, 414, Banking Supervision Division, 207, 228, 230, 416–421, 423–425, 427, 453, 459–460 384, 386, 391 Banque de France, 170, 228, 256, 262, 287, 296, Cashier’s Department, 19, 22, 300, 303, 312, 321, 361, 411, 426 207 Banque Nationale de Paris (BNP), 247 Committee of Treasury, 18, 204, 250 Barclays, 201, 210, 216, 244, 389, 390, 392, Court of Directors, 17–18, 23, 111, 114, 139, 393–394, 398 156, 203–204, 332, 349, 399, 401, 413, 420, Barings Bank, 10, 205, 239, 276, 277, 378, 422, 424, 431, 438, 440, 446 395–402, 406, 418, 419 Deputy Governor’s Committee (DGC), 105, Barnes, Roger, 381, 384, 385, 395 132–134, 151, 226, 264 Basel Accords, 209, 238, 293, 312, Discount Office, 19, 205, 207 430 employment, 29, 30, 219, 424–427 Bernanke, Ben, 340, 440, 458, 509, 522 534 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-83501-5 — Making a Modern Central Bank Harold James Index More Information Index 535 Big Bang, 25, 44, 155, 189, 208, 214–220, view of exchange rates, 167, 170, 175, 177, 235–236, 238, 358–361 179 Black Wednesday, 13, 52, 300–305, 324, 332, view of inflation, 326–327, 352 334, 337, 344, 345, 411 view of interest rates, 158, 177, 276, 284, 286, Blair, Tony, 45, 309, 317, 409, 412, 415, 421 287, 367 Blue Arrow, 233, 234–235, 342 view of monetary aggregates, 120, 122, 134, Blunden, George, 508 135, 140, 355 and Bank governance, 17–18, 21, 226 Bush, George H.W., 283 and Bank public image, 27 and Bank’s role, 16 Callaghan, James, 11, 26, 33, 34, 36, 63, 88, 149, and central-bank independence, 320–322 230 and EMS/ERM, 260 Cameron, David, 309 and Margaret Thatcher, 66 Capie, Forrest, 7, 20, 22, 36, 145 and Midland Bank, 394 capital controls, 202, 204 and supervision, 238–239 Carney, Mark, 3, 455–456 view of economists, 28, 336 Carter, Jimmy, 10 view of interest rates, 388 Cater Allen, 25, 377 view of supervision, 229–230, 233, 236 Central Money Market Office (CMMO), Boyle, Andrew, 5 402–403 Bretton Woods system, 32, 60, 149 central-bank independence, 4, 27, 29–30, 107, Brexit, 308, 310, 451, 455, 460 114, 262, 296, 310–317, 346–348, British Bank of the Middle East (BBME), 191 357–358, 363, 367, 375, 409, 415–416, 432, Brown, Gordon, 416, 522 438 and appointment of MPC, 411–414, 440 channel tunnel (Eurotunnel), 251, 252, 438 and central-bank independence, 409, Citibank, 215, 247 454–455 City Merchants Bank, 387, 389 and Eddie George, 436 Civil Service Committee, 508 and gold values, 417–418 Clapham, John, 6 and Labour Party, 309 Clarke, Kenneth, 51, 329, 350–351, 361, 414 and Margaret Thatcher, 30, 45 and Barings Bank, 399 and transparency, 431 and Eddie George, 342, 366, 367, 369, as Chancellor, 316–317, 375 372 view of Bank policies, 384, 418–430, 449, as Chancellor, 363–375, 403 451 character, 334, 365 Brunner, Karl, 65, 93–95, 484 view of economic growth, 365, 368 Budd, Alan, 62, 70, 73, 82, 87, 280, 298, 307, view of EMS/ERM, 301 308, 332, 365, 431, 432, 433, 438, 440, view of foreign exchange reserves, 373 513 view of inflation, 355, 372, 373, 374 building societies, 9, 84, 105, 127, 160, 198, 204, view of interest rates, 366, 368, 370, 371, 373, 289, 425, 460 374 Burns, Terry Clay, Henry, 5, 28 and BCCI, 383 Clearing House Automated Payments System and central-bank independence, 341, 367, (CHAPS), 314–316 415 Clementi, David, 5, 429, 441 and economic forecasting, 103 Coleby, Anthony (‘Tony’), 109, 113, 139, 140, and EMS/ERM, 152, 279–281, 143, 278, 287, 367, 394–395 300–301 Competition and Credit Control, 38, 44, 62, and monetarism, 62, 81 239 and NHL, 389 Confederation of British Industry (CBI), 80, and Treasury, 70, 75, 281, 144, 351, 451 419 Congdon, Tim, 63, 96, 181, 183, 334, 415, 449 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-83501-5 — Making a Modern Central Bank Harold James Index More Information 536 Index Conservative Party, 11, 21, 40, 56, 57, 58, 93, and David Walker, 242, 250 150, 158, 251, 278, 420, 456 and EMS/ERM, 119 Members of Parliament (MP), 27, 51, 74, 93, and Gordon Richardson, 20, 58 155, 176, 178, 225, 228, 333, 363, 367, 371, and Keynesianism, 80 455 and Margaret Thatcher, 44, 65–66 Cooke, Peter, 202, 226, 230 and monetarism, 61 credibility, 3, 7, 24, 28, 74, 78, 135, 148–150, and Treasury, 71, 81, 96 151, 163–167, 187–188, 224, 268, character, 241 272–275, 279, 280, 286–288, 293–295, view of exchange control, 41 307–309, 314–315, 319, 324–326, 329, view of monetary aggregates, 64, 98 338, 343, 352, 366, 370–372, 378, 409, Doyle, Maurice, 260 431–435, 439–442 Draghi, Mario, 340 Crockett, Andrew, 266, 345–346 and Bank culture, 341 East Trust Limited, 387, 389 and central-bank independence, 323, 339 Economic and Financial Committee of and EMS/ERM, 270–272, 273, 277, 280, 288, European Commission (ECOFIN), 164, 294, 295–297, 345 263, 290, 296, 315 and ESCB, 312 Economic and Monetary Union (EMU), 258, and Europe, 239, 271 264, 286, 290, 311–316, 323, 335, 338, 431 and Midland Bank, 391 Economist, The, 2, 80, 233–235, 252, 289, 342 and Nigel Lawson, 270 Equity Capital for Industry (EICI), 246 and US experience, 64 European Central Bank (ECB), 5, 239, 258, 259, view of inflation, 283 294, 317, 362, 423, 426, 431, 442, 450–452, view of interest rates, 283 456, 459 view of monetary policy, 332, 335 European Commission, 60, 255, 389 views of exchange rates, 10 European Community (previously European Economic Community), 11, 45, 60 Darling, Alistair, 5, 413 Committee of Central Bank Governors, 173, Davies, Howard, 351, 401, 402, 420–422, 441 256, 263, 268, 282–283, 290, 294, 301, 302, Deaton, Angus, 22, 103 311–312 De Larosière, Jacques, 170–171, 211, 287, 303 Maastricht Treaty, 255, 289–291, 294, 300, deflation, 104, 333, 355, 437, 440–441, 443 302, 310, 311, 315, 316, 323, 326, 338–341, Delors Committee, 255–266, 311, 316, 380 360, 411 Delors Report, 239, 263, 264, 265, 266, 269 single market, 238 Delors, Jacques, 255–256, 312 European Currency Unit (ECU), 162, 174, 260, Department of Trade and Industry, 230, 231, 261, 262, 265–266, 316 234 European Monetary System (EMS) Deutsche Bank, 212, 214, 216, 401 creation, 11 Deutsche Bundesbank, 3, 15, 16, 60, 87, 94, 138, crisis of UK membership, 267–268, 288–294, 153, 157, 161, 170–173, 208, 255, 256, 260, 314, 319, 332, 336, 345, 352, 414 261, 266, 269, 273–275, 282–287, DM 3, 148, 163–170, 171, 174–182 289–305, 311, 313, 316, 320, 323, 332, 341, Exchange Rate Mechanism (ERM), 13, 360–361, 370, 411, 413 149–152, 154–158, 160–161, 163–165, employment, 426 392, 411, 452 discount houses, 9, 19, 23–25, 73, 80, 105, legacy, 319, 337 107–113, 141, 165, 169, 179, 182, 203, 204, UK membership, 29–30, 118–120, 134, 139, 216, 219, 276, 277, 287, 293, 360, 361, 377, 149–152, 187–188, 255–256, 266, 388, 389, 399 269–281, 286–287 Dow, Christopher European System of Central Banks (ESCB), and Bank governance, 22, 28 261, 312, 411 and central-bank independence, 114 exchange control, 10, 19, 45 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-83501-5 — Making a Modern Central Bank Harold James Index More Information Index 537 reimposition, 92, 128, 215 Financial Services Authority (FSA), 30, 208, removal, 11, 23, 32, 37–42, 62, 68, 78, 83, 418, 422, 425, 427, 430, 459–460 207, 259 financial stability, 6, 8–10, 30, 167, 197–199, exchange rate 205, 232, 321–323, 347–352, 378–379, and Hong Kong, 189 404–408, 421–423, 427–430, 446–447, coordination, 2, 143–145, 152–164, 460–461 168–174, 272–275, 295–300 Financial Times, The, 63, 80, 82, 104, 130, 145, Exchange Equalisation Account, 172, 306, 164, 168, 169, 170, 178, 230, 262, 290, 297, 417, 418 304, 337, 343, 351, 365, 368, 371, 372, 374, fluctuation, 26, 32–36, 71–72, 78, 97–102, 375, 379, 388, 411, 434, 439 118–123, 164–168, 278–287, 300–305, Fischer, Stanley, 12, 51, 295, 340, 341, 459 333, 370, 372, 374, 435–436 Flemming, John, 88, 104, 127, 151, 272, 274, Louvre Accord, 161, 162, 163, 164, 166, 168, 279, 337 169, 171, 267 Foot, Michael,
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