Revisiting the Norman Conquest of $4.86. Thoughts for the world today
24 June 2025 · Andrew Bailey , Governor of the Bank of England (United Kingdom)
Summary written by Dark Majestic in its own words · topics: inflation and price stability
AB 24 Jun 2025 · Andrew Bailey Wiki · Bank of England Wiki Revisiting the Norman Conquest of $4.86. Thoughts for the world today Context Opening speech at a Bank of England conference in London on Britain's 1925 return to the Gold Standard; the Bank of England keeps inflation low and reflects on the lessons of monetary history.
Why it matters Bailey uses the 1925 return to gold as a lesson against rigid anchors in monetary policy.
Problems raised The 1925 return to gold was a costly mistake. Fixed anchors can fail under shocks. Inflation persisted after recent shocks. Solutions proposed Keep the domestic inflation target as the anchor. Allow flexibility in returning to target. Learn from history. Read full speech on bis.org ↗ More from Andrew Bailey · Bank of England · all speeches
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