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Six years after the financial crisis began,  changes are under way to reduce the likelihood of it happening again. Among them, many countries have given greater powers to their central bank—although debate continues about how best to do this. The relationship with the societies we serve as central bankers has become more extensive, raising questions about how we can demonstrate that we deserve the trust placed in us.

A central bank can have a wide or narrow set of functions, all centred on stability. At the Bank of England, the Monetary Policy Committee (MPC) has a mandate to maintain low…

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