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Scrap Bank of England's powers after century of boom and bust, think-tank says
By Peter Spence
The Telegraph, London
Monday, January 11, 2016
The Bank of England should abolish the Monetary Policy Committee and dump its inflation target because the regime has been responsible for creating a century of boom and bust, a think-tank has claimed.
The Adam Smith Institute, a free market think-tank, has said in a report that the central bank's monetary interventions have made the UK more prone to banking crises and have caused the wider economy to become less stable.
At present, the nine-strong Monetary Policy Committee decides on UK monetary policy. Eamonn Butler, the ASI's director, said this group of experts had "done a very poor job of managing our money."
He added: "They have created artificial booms, followed by genuinely painful busts, through decades of following their unreliable discretion."
Anthony J. Evans, the report's author and an associate professor at the ESCP Europe business school, said that after a century of failure, the bank's control of money should be replaced with a system of "free banking." ...
... For the remainder of the Telegraph's report:
http://www.telegraph.co.uk/finance/bank-of-england/12092171/Scrap-Bank-o...
... For the Adam Smith Institute's report:
http://www.adamsmith.org/research/reports/sound-money-an-austrian-propos...
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