Essays in Honour of Charles Goodhart, Volume Two
Edited by Paul Mizen
Discussion of ‘Competition and stability: what’s special about banking?’ Michael Artis I should like to say, for a start, how much I appreciate being able to participate in this celebratory conference for Charles Goodhart. Unlike many others here I have not been a student of Charles’s nor even a colleague in the narrow sense, whether in a University department or Central Bank. But I have been a close colleague in a professional sense, sharing with Charles – albeit from a diﬀerent starting point – the highly educative vicissitudes of British monetary experience. These include the experience of a variety of monetary regimes in the policy sense – from the ‘monetarily constrained’ Keynesianism of the 1960s to Mrs Thatcher’s monetarism, via exchange rate targeting and membership of the ERM to today’s inﬂation targeting. In addition – and relevant to the chapter under discussion – they include the experience of the British monetary system (and policy) in adapting to a more competitive framework, beginning with the startling move, under the heading of ‘Competition and Credit Control’. This was a (then) revolutionary move away from a highly cartelized system with a symbiotic monetary policy which played on rationing eﬀects, towards a much more open and competitive system. As we followed together all these twists and turns in British monetary experience I never found Charles’s judgment to be other than sound, his academic merit less than ﬁrst-rate or his sense of fairness less than perfect. One of the – at ﬁrst sight, strange – results of the...
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