Barkin: Closing in on inflation target but not yet there

It’s an enormous pleasure to be here at Loughborough University this evening. I can give you three reasons for this, it’s not just the polite thing to say at the beginning of a lecture. In order of importance, I am going to start with David Llewellyn. David is very modest, you have to search quite hard to find out that he has been Professor of Money and Banking here since 1978. To say the least, that is impressive. David has been a leader in the field throughout that time. He has had many students, and he has provided the Bank of England with many of our excellent staff. As well as a big thank you, David, I think we must start planning your 50th. The second reason for the pleasure this evening is to continue a tradition of Bank Governors giving lectures here at Loughborough. Robin Leigh-Pemberton did so in 1986, and Eddie George ten years later in 1996. The gap has been 28 years this time, but I can lay claim to a bit of continuity because in 1996 I was Eddie’s Private Secretary, and I had a bit of a hand in writing that lecture. The third reason for the pleasure is that I am a native of Leicestershire, Leicester itself to be precise. And, I have good memories of visiting Loughborough. One particular post: BOE GOV. BAILEY: I EXPECT BANKS TO HOLD LARGER RESERVES AT THE BOE THAN WAS THE CASE BEFORE THE FINANCIAL CRISIS. post: BOE GOV. BAILEY: BANKS SHOULD USE BOE LIQUIDITY MORE EXTENSIVELY.