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Mark Carney’s big idea

And how to make it work

By James Zuccollo  

Mark Carney stressed the value of an open economy

In the words of Milton Friedman, the Nobel prize-winning economist, those who control the money supply within an economy must ensure two things: “a reasonably stable economy in the short run and a reasonably stable price level in the long run.” Since the financial crisis, the Bank of England has faced charges that it failed on both counts. Inflation has overshot the Bank’s 2 per cent target for 71 of the last 78 months. But these worries…

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