For the first time, a senior official in the Bank of England has made the cover of Nature, the chief research journal, along with a paper that looks into the lessons which can teach what biology and other sciences can teach financial regulators.
The paper was written by the financial stability director of the bank, Andrew Haldane, together with Lord Robert May, the ecologist and ex-government lead scientist of the Oxford University.
The Deputy Governor of the Bank of England has cautioned that central banks might have to come forward to offer added monetary support in the midst of gloomy setting of international monetary recuperation.
According to British Chambers of Commerce (BCC), the Bank of England should try to maintain the interest rates at 0.5%. The group also said that the bank should also ensure more influx of money in order to sustain a stable economic condition in the United Kingdom.
According to the Financial Stability Report, the Bank of England depicted that the financial crisis has inclined the suspicion regarding the robustness of some banks in Europe.
The report expresses that the revelation to these financial institutions depicts that the jeopardy towards the domestic banks. Further it added that the banks should assemble the regulatory requirements for the future demand.
In a recent speech, Bank of England Governor Mervyn King covered some key points that would shape the economy of the country over the coming times. The speech included points regarding UK employment, public finances, recent economic data and UK households, among other sectors.