Stability objective should drive financial policy, says BoE’s Bailey

Andrew Bailey, the executive director of banking and chief cashier at the Bank of England, on Monday called for a clear public policy objective for financial stability, drawing parallels to the adoption of low inflation as a source of stable growth in the 1970s.

"Our overriding objective must be to create a consensus of public opinion, which will enable financial stability to be embedded as a public policy objective in the same way that in the wake of the 1970s, low inflation came to be adopted