By Norma Cohen, economics correspondent
In the months and years since the financial crisis began, the Bank of England has been notably reluctant to fall on its collective sword in connection with its oversight role, or even to murmur a modest “mea culpa” in connection with any aspect of it.
The most it has done has been to insist that it did not have the tools necessary to actually stop excesses from happening even where it could spot them. At least, that has been its public stance.
But in private, economists at the Bank may have a more nuanced role about their discipline and more generally, about what needs to be done to prevent another financial crisis. Read more