Mark Carney: 20 years of independent monetary policy making in the United Kingdom

Opening remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the Bank of England "Independence - 20 years on" Conference, London, 28 September 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Welcome to this conference marking 20 years of independent monetary policy making in the UK.

We are here because long and varied experience has shown that price stability is the best contribution monetary policy can make to the public good.

High inflation hurts the least well off in society the most. It distorts price signals, inhibits investment, and ultimately damages the economy's productive capacity. Equally, deflation imperils growth and employment, and, in the extreme, leads to financial ruin and economic collapse.