It was another one of those historical developments that meant far more than it otherwise had seemed. Not necessarily hidden agendas, more along the lines of the changing times; a visual or, in this case, legal changeover more profound than the seemingly blasé technical matters leading to this. The Bank of England in 1998 undertook a major shift, maybe its most consequential to date for a central bank whose origins stretch all the way back to 1694.
Central bankers like to speak on their own terms, employing a jargon-dense vocabulary at first meant to maintain the illusion of superiority if only to place a wedge between them and the public; or the public’s understanding of who they really are, what they do, and how they might do it whatever it ultimately is. Terms like “goal independent” or “instrument independent”, even “inflation nutter.”
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