At one time, the owners of a bank had plenty more ‘skin in the game’ than they do today.11 However, over the last century, banks have started to use less of their own money and more of other people’s.
Our strategy review also sets out how we can contribute to tackling longer-term challenges that pose threats to price stability, in particular climate change. With this strategy, we are well placed to continue ensuring price stability in this fast-changing world. And that is especially important today in light of the phase of higher inflation we are seeing.