BoE’s Gieve: Limiting Depth And Duration of Recession Immediate Challenge For MPC

(RTTNews) - Thursday, Bank of England’s Deputy Governor John Gieve said the immediate challenge for the Monetary Policy Committee is to limit the depth and duration of the recession and bring the economy back onto a sustainable path with low but positive inflation.

Speaking at the London School of Economics, Gieve said, “We don’t know how deep and prolonged this recession will be or how soon and completely financial markets will recover. So it is too early to reach settled conclusions on causes or cures.”

He said targeting inflation alone would not help to safeguard the economy. “If inflation targeting by an independent central bank is an essential foundation of policy, it is pretty clearly not sufficient on its own,” Gieve said.

Gieve is leaving his position at the BoE at the end of this month after serving the bank since January 2006.

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