“The (Monetary Policy Committee) faces a difficult challenge in balancing those risks,” King said.
“To do so, we judge that at present it is right to keep our foot firmly on the accelerator in order to stimulate the economy. As you would expect, there is a debate about quite how hard we should be pressing on the accelerator.
“In the months ahead it may be that the MPC judges that the inflation outlook warrants pushing down even harder or that we should ease back somewhat. The debate is about the appropriate degree of stimulus, not about applying the brakes.”
We’ve read the quotation from Joyce’s Stephen Dedalus before. Heck we’ve even had an experience or two that makes his exhortation universally intimate: “To live, to err, to fall, to triumph, to recreate life out of life!” For no other profession does the power of Stephen’s words ring so profoundly true as in the Venture … Read more