After years of hubris and nonchalance, Central banks of advanced economies are running for cover. They are increasingly trying to show how they remain relevant and important for the society.
This release from Bank of England says it all:
How can the Bank of England serve society and maintain stability in times of change?
On 14 October, the Governor and Deputy Governors will spend the day in the Midlands, meeting with a wide cross-section of the society we serve. The aim is to listen to feedback and ideas about how we can promote the good of the people of the United Kingdom.
The decisions we take affect every household and every company. The responsibilities given to us by Parliament – to maintain monetary and financial stability – are more wide-ranging than ever before. They determine our role in supporting the necessary adjustments of the UK economy during the period of heightened uncertainty following the decision to leave the European Union. To be effective in this role, and in face of the many other changes to the economic landscape, we must be widely understood and trusted to do the right thing.
The Governors will host roundtable events in Birmingham, Derby, Dudley, Leicester and Nottingham which will each explore one of the following questions:
- How can we improve trust and understanding in the Bank of England and why should that matter?
- How can the Bank of England help students better understand its role in and impact on the economy?
- How can the Bank, with its responsibility for monetary and financial stability, support the most vulnerable members of society?
- What are the key economic challenges that smaller firms expect to face in the future? How can we improve access to finance for SMEs in the current environment?
- What challenges do large companies expect to face in their ability to access funding and manage risk through the banking and insurance sectors?
- How can the Bank of England support technological innovation in the future?
At these events the Governors will hear from business leaders, innovators, educators, students, civil society and the wider public. The roundtables will be followed by a wider plenary session in Birmingham Town Hall. Here, the Governors will come together to explore with a public audience how the Bank can serve society and maintain stability in times of change.
As with the Open Forum in London in November 2015, free tickets to the plenary session will be allocated by ballot, which opens today and closes on 22 September. The discussion will be webcast live and interactive across social media, including via Twitter (#FutureForumBoE), YouTube and Facebook.
The more they engage, more shall be the unintended consequences…