We have given advice principally on core functions such as monetary policy and operations, the development of money markets and payment systems, the management of government debt, and banking supervision; but our help has also been sought in some less obvious matters such as the physical security of central bank buildings and their contents. The assistance is provided through our experts visiting other central banks and by their staff coming on study visits to London, as well as through seminars and workshops here and abroad. In the earlier years most of these events were essentially training courses. But increasingly the participants from many countries are able to contribute more themselves to the discussion so that they are now learning not only from our own experience as central bankers, BIS Review 33/1997  -2-  but also from each other. And in some instances, their experience may well hold lessons for us. Since 1990 over 4,000 staff of other central banks - two thirds of them from the transition economies - have participated in these various events. The work of the Centre for Central Banking Studies, and the other inter-bank links we maintain (notably between supervisors) give us, I believe, a privileged perspective on the development of central banking across Europe. The analysis below - particularly the Eastern European sections - is very largely the work of Lionel Price, the Centre’s Director, and his staff.
What is harder to judge is the extent to which the Bank of Japan’s decisions may have been influenced at times by recognition of the latent ministerial powers. Notwithstanding those nuances, what can be seen from Figure 2 is that the Bank of England is quite distinctive amongst the five leading industrial countries. We have: •  the least independence in setting interest rates;  •  the most comprehensive responsibility for banking supervision (though some other banks have broader financial regulatory responsibilities);  •  the greatest role in managing government debt - we provide substantial policy input as well as actually handling auctions as issuing agent for the Treasury;  •  the smallest branch network - we have consciously reduced the scope of our private banking activities in recent years (focusing on areas of  2 Charles Goodhart, Forrest Capie and Norbert Schnadt, “The development of central banking” in  The future of central banking, the tercentenary symposium of the Bank of England, Cambridge 1994, page 169. BIS Review 33/1997  -4-  comparative advantage as a public sector institution) and are now also leaving note distribution to be handled largely by the private banks; •  a comparatively limited but increasing role in the operation of payment and settlement systems - typically, the Bank of England participates in payments systems which are run by the private sector, and has only involved itself in the establishment and operation of settlement systems when the private sector has not itself succeeded in doing so.