Central banking
in The UK financial system (fifth edition)
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Central banks have achieved greater prominence since 2008 as a result of their role in bailing out banks following the financial crisis. This chapter examines the role of central banks in the financial system in principle and discusses whether, in fact, this role is necessary for the smooth running of such systems. It addresses the question of why it should be necessary for the financial system to have a 'super-bank' responsible for the operation of the financial system. This includes consideration of the objectives of central banks, their role in the operation of monetary policy and their function as a lender of last resort. The chapter also examines the part they may play in the regulation of the financial system and whether they should be independent of the government. Against this background it looks in more detail at the role of the Bank of England.

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