Lord Richardson

You might think that, after having heard the many distinguished contributions today, we have already got a great deal about the philosophy of central banking-but we are going to have some more. I've been looking at the definition of ‘philosophy’. In its original and wider sense according to the Oxford English Dictionary, it is the love, study and pursuit of wisdom-that's how it starts and that seems to me, although perhaps not sufficient for the occasion, a thought or a sentiment which should be allowed to float over the whole discussion, because the central bank which in fact is missing that particular quality is likely, however professionally equipped, not to get very far. But when you add the word ‘of’ after ‘philosophy’-it's the study of the general principles of a particular branch of knowledge, experience or activity. That's a more general description and I'm going to ask Paul Volcker if under that rubric he will say something.

Paul Volcker

We are closely approaching the end of a long and productive programme, at a time when fresh thought is probably not possible and certainly not welcome. Yet, those who arranged this programme have obviously felt it appropriate that a group of retired central bankers, whose principal qualification may be that their combined ages are approaching that of the Bank of England, pronounce the benediction on all the useful and provocative discussion of today.