The economy has made significant progress since the depths of the recession. However, we are still far from where we would like to be, and, consequently, it may be some time before monetary policy returns to more normal settings.
Thus, it makes sense to draw on the principles we have established for risk management and governance, and on the experience we have gained in these areas. Ladies and gentlemen, I am aware that this kind of work is unlikely to capture the public’s attention in the same way as Mr Maskelyne did in 1903. But it needs to be done.