But it also seems clear that there is no uniquely optimal set-up of the framework for the maintenance of financial stability that is  31  For policymakers’ consideration of this point in the U.S. context, see, for example, Bernanke (2011) and Board of Governors (2016). 32 See Bank of England (2017c).
- 13 independent of the size and scale of the financial system of the country or of its political and financial history. Conclusion It has been more than 20 years since the Bank of England celebrated its 300th birthday with a conference focused on central bank independence. Since then, central banks’ operating frameworks have undergone substantial changes, many in response to the financial crisis.