Mervyn King, deputy governor of the Bank of England, gave a speech on The Inflation Target Ten Years On at the London School of Economics on Tuesday 19 November.
Ten years after the inaugural LSE Bank of England Lecture, at which the then governor argued the case of price stability, Mervyn King examined whether ten years of inflation targeting have delivered the promised benefits, and looked at the challenges that lie ahead.
King spoke on what ten years of the inflation target had achieved, looked at the case for price stability, what price stability meant in practice, and concluded with looking at what challenges lie ahead for monetary policy over the next decade.
Mervyn King has been deputy governor of the Bank of England since 1998, responsible for monetary policy, and a member of the Monetary Policy Committee. Prior to this, he was the Bank of England's chief economist and executive director.
To read a transcript of Mervyn King's speech, please click here
Notes for editors:
Press coverage of the Mervyn King speech at LSE:
The Guardian: House boom, economic bust.
The Independent: King makes case for price stability
Financial Times: Housing boom 'puts economy at risk of negative demand shock'
The Daily Telegraph: King warns of fragility of UK consumer boom
BBC: UK bank chief warns on house prices
20 November 2002