Through a month of credit market turmoil, the Bank of England’s stoicism in the face of financial panic was widely praised. Not for the venerable Threadneedle Street institution that has weathered so many past crises the emergency measures favoured by its counterparts elsewhere in the world.
But this week, criticism has mounted. Bob Diamond, chief executive of investment banking at Barclays bank, compared the Bank’s actions unfavourably with “thoughtful moves” by the Federal Reserve and the European Central Bank.
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