(2017) ‘The Bank of England’s FinTech Accelerator: what have we done and what have we learned?’, Remarks given at a meeting for FinTech contacts of the Bank of England’s Agency for the South East and East Anglia at the offices of Mills & Reeve, Cambridge, available at: https://www.bankofengland.co.uk/speech/2017/the-boes-fintech-accelerator-what-have-we-done-and-whathave-we-learned HM Treasury (2009), ‘Pre-Budget Report: Securing the Recovery: Growth and Opportunity’, Cm 7747, December 2009, available at:  https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/238510/7747.pdf  OECD (2017), Economic Surveys: United Kingdom, October 2017, available at: http://www.oecd.org/eco/surveys/United-Kingdom-2017-OECD-economic-survey-overview.pdf Ramsden, D. (2017) ‘Monetary policy from end to end: define, decide, deliver’, Speech given at King’s College London, available at: https://www.bankofengland.co.uk/speech/2017/dave-ramsden-speech-atkings-college-london Tenreyro, S. (2018) ‘The fall in productivity growth: causes and implications’, Speech given at Queen Mary University of London, available at: https://www.bankofengland.co.uk/speech/2018/silvana-tenreyro-2018peston-lecture  8  All speeches are available online at www.bankofengland.co.uk/speeches  8
The part that has been much in focus has been the monetary policy regime – in Sweden and the UK, inflation targeting with a specific target for inflation and regular and transparent inflation forecasts has worked well. But inflation targets, or for that matter Denmark’s euro peg, would never have been as successful had fiscal policy not been reformed in parallel, with clear rules and budgetary ceilings in Sweden and Denmark which put the problems squarely in the sight of the public. Considering the UK fiscal deterioration the last couple of years, one might draw the conclusion that the so called golden rule, i.e. only borrowing for public investment, is not a clear enough rule, but that expenditure ceilings and targets for the fiscal balance are more effective. In fact those euro area countries that have some sort of national transparent targets and evaluation of fiscal policy have managed to retain some order in their public finances; Finland being a prominent example. The power of targets and transparency is that the public, with the help of comments from analysts in the media, can evaluate clearly how the government is doing in relation to a long-term norm. Is fiscal policy in line with the target, or is it deviating from target? The idea of being on or off target is quite easy to grasp, and if the process is transparent, experts and the public alike will learn to trust the figures. In this area most countries still have a lot to do.