The Bank of England, founded in 1694, isn’t the oldest central bank
in the world, an honor that belongs to Sweden’s Riksbank, founded a
quarter-century earlier. But the “Old Lady of Threadneedle Street”
arguably invented the art of central banking—the visible hand, operating
through the money supply, lending policies, and more—that all modern
economies, no matter how much they may talk about free markets, rely on
to provide monetary and financial stability.
These
days, of course, the pound sterling is much less widely used than the
dollar, the euro, or even the yen or the yuan, and the Bank of England
is correspondingly overshadowed in many ways by its much younger
counterparts abroad. Yet the bank still punches above its weight in
troubled times. In part that’s because London remains a great financial
center. But it’s also thanks to the Bank of England’s
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