If the Monetary Policy Committee targets inflation doesn’t that keep the money supply under control?

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Currently, one of the Bank of England’s two core purposes is to maintain price stability, which in practice means keeping inflation at a target level of 2% a year. It attempts to do this by manipulating the short term interest rates at which banks lend reserves to each other on the interbank market. But historically this approach hasn’t worked well to keep money creation under control. Raising rates before the crisis (and in the 1980s) did not slow down the rate of bank lending, and lowering interest rates to 0.5% after the crisis did not encourage banks to increase lending. The Monetary Policy Committee does not have the correct tools to manage money creation by the banks.

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