President Lagarde, you and many of your colleagues have pushed back against the idea that you need to tighten policy in response to the inflation spike that we’re seeing, but many of your global counterparts have in fact started doing so.
That was the year when banks in London were treated to a display of the Bank of England’s political muscle. The Bank’s governor Lord Cromer had decisively forced Britain’s new Prime Minister Harold Wilson to throw away half of his election promises and slash government spending.