Problems of Monetary Management: The UK Experience

In 1971 the monetary authorities1 in the UK adopted a new approach to monetary management, a change of policy announced and described in several papers on competition and credit control. The subsequent experience of trying to operate this revised system has, however, been troublesome and at times unhappy. The purpose here is to examine certain aspects of recent monetary developments in order to illustrate a number of more general analytical themes which may have relevance among several countries.