Published online by Cambridge University Press: 09 October 2025
The Bank’s transformation as a central bank in the interwar years paralleled many developments in the twenty-first century. Its operational independence in 1997 granted it the freedom to set monetary policy without direct government intervention. With the continued employment of economists, notably embodied by the appointment of Mervyn King as Deputy Governor (1998–2003) and later Governor (2003–2013), the central bank developed a reputation as a leading monetary authority. At the onset of the global financial crisis of 2007–2008, the Bank was able to implement a wide array of unconventional monetary policies due to its independence.
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