Governors of the Bank of England Flashcards
What is the primary role of the Bank of England?
To maintain monetary stability and oversee the monetary policy of the UK.
Who was the first Governor of the Bank of England?
Sir John Houblon.
In which year was the Bank of England established?
1694.
True or False: The Governor of the Bank of England is appointed for a fixed term of 5 years.
True.
Fill in the blank: The Governor of the Bank of England also serves as the _____ of the Monetary Policy Committee.
Chair.
What is one of the key responsibilities of the Governor of the Bank of England?
Setting interest rates.
Which Governor of the Bank of England served from 2003 to 2012?
Mervyn King.
Who succeeded Mervyn King as Governor of the Bank of England?
Mark Carney.
True or False: The Governor of the Bank of England has the power to create money.
True.
What is the term length for the current Governor of the Bank of England?
8 years.
Name one major challenge faced by Governors of the Bank of England.
Managing inflation.
Who is the current Governor of the Bank of England as of October 2023?
Andrew Bailey.
Multiple Choice: Which of the following was NOT a Governor of the Bank of England? A) Mark Carney B) Sir John Houblon C) Alan Greenspan
C) Alan Greenspan.
What is the main goal of the Monetary Policy Committee chaired by the Governor?
To achieve price stability.
Fill in the blank: The Governor of the Bank of England must report to _____ twice a year.
Parliament.
True or False: The Governor of the Bank of England can be removed by the Prime Minister.
True.
What significant event did Mervyn King deal with during his governorship?
The global financial crisis of 2008.
Which Governor was known for introducing the concept of ‘forward guidance’?
Mark Carney.
True or False: The Governor of the Bank of England is responsible for regulating banks in the UK.
True.
What is the relationship between the Bank of England and the UK Treasury?
They work together on economic policy.
What is one way the Governor communicates monetary policy decisions?
Through press conferences.
Name the publication that summarizes the Monetary Policy Committee’s decisions.
The Inflation Report.
What is the Bank of England’s inflation target as of 2023?
2%.
Multiple Choice: Which of the following is NOT a function of the Bank of England? A) Issuing currency B) Setting interest rates C) Conducting foreign policy
C) Conducting foreign policy.
Who was the first female Governor of the Bank of England?
The Bank of England has not had a female Governor as of October 2023.
Fill in the blank: The Governor of the Bank of England is the _____ of the Bank’s Court.
Chair.
What is the primary tool used by the Governor to influence monetary policy?
Interest rate adjustments.
What is one of the key economic indicators monitored by the Governor?
Consumer Price Index (CPI).
Who was Governor during the Brexit referendum in 2016?
Mark Carney.
What does the Governor do in times of economic crisis?
Implement emergency monetary measures.
What is one way the Governor can support financial stability?
By providing liquidity to banks.
Fill in the blank: The Governor of the Bank of England is often seen as the _____ of the UK economy.
Guardian.
What was the focus of the Bank’s policy under Andrew Bailey’s leadership?
Responding to the economic impact of COVID-19.
Multiple Choice: Who has the authority to approve the Governor’s monetary policy decisions? A) The Prime Minister B) The Monetary Policy Committee C) The Chancellor of the Exchequer
B) The Monetary Policy Committee.
What is the significance of the Bank of England’s independence?
It allows for unbiased monetary policy decisions.
True or False: The Governor of the Bank of England has a role in international finance.
True.
What does the term ‘quantitative easing’ refer to?
A monetary policy used to stimulate the economy by increasing the money supply.
Name one duty of the Governor related to the banking system.
Overseeing the regulation of financial institutions.
What is the primary objective of the Bank of England as stated in its charter?
To promote the good of the people of the United Kingdom.
Fill in the blank: The Governor of the Bank of England is also an ex-officio member of the _____.
Financial Policy Committee.
Who was the Governor of the Bank of England during the implementation of the New Monetary Policy Framework in 1997?
Eddie George.
What is the role of the Bank of England’s Court?
To oversee the Bank’s operations and ensure accountability.
