As always the great strength of the MPC is that while we bring different perspectives on the best way to get there, we share a common goal, consistent with our remit, of returning inflation sustainably to the 2% target. And as always I am looking forward to our debates and discussions as we prepare to publish our latest map of where we are heading in the form of our August forecast. 6  I covered this in detail in my speech last October, ‘The Monetary Policy Toolbox in the UK’. 14  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  14
Stefan Ingves: Banking reforms Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at a seminar arranged by the Bank of Spain together with the IMF for ministers of finance and central bank governors from North Africa and the Middle East, Toledo, Spain, 3 November 2006. *  *  *  Thank you for inviting me to speak at this seminar. The topic for this session reflects that the ever ongoing changing circumstances, such as globalisation and integration of markets, make old structures and approaches obsolete and call for reforms. The title of today’s seminar is “Reform strategies for central banks and banking systems in North African and Middle East countries”. Since I do not believe in a top down approach where the authorities dictate the structure and details of a banking system, I would prefer to approach the issue by discussing how the authorities should establish a framework which promotes the growth of a modern banking system. Such a framework includes several components such as modern legislation and regulation, supervision, a financial safety net – in addition to the obvious centrepieces, namely the banks themselves and a central bank that conducts market-based monetary policy. I will discuss a number of components which are necessary in a modern banking system to make it efficient, while at the same time flexible to accommodate developments and resilient to promote financial stability.