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An important idea that the revolutionary United States originated is the separation of powers That idea applies not only to a nations government but also her central banking system Like the government itself a central bank requires autonomy from the government while exercising influences on each other The complementary effect leads to a successful national economy In analyzing the history and development of the Bank of England the Bank of Japan and the United States Federal Reserve one understands the necessary elements and their contributions to the evolution of central banksThe oldest central bank is the Bank of England Founded in 1694 the Bank of Englands structure reflects its age and history By an Act of Parliament the Bank of England opened with the Bank of England Stock which represented the beginning of the Funded National Debt Nineteen bankers comprised the Banks first staff Its initial objectives were to issue notes for deposits act as the banker to the Government and manage government securities Bank of England As the forerunner for central banks the Bank of Englands original tasks and structure were fundamental However due to various historical events the Bank of England has undergone a number of reforms since its establishment Prior to this year 1998 the Bank Act of 1946 gave the English government statutory power over the Bank The Bank of England Act 1998 effective June 1 1998 altered the Constitution and the Court of Directors responsibilities Before this reform the Bank could only make recommendations on monetary policies Mishcin 405 The chancellor of the Exchequer equivalent to the U S Secretary of the Treasury decided on raising or lowering interest rates The 1998 Act weakened the monarchys control over the central bank and formed the current structure and obligationsThe Bank of England consists of the Court of Directors which in turn contains two subdivisions the Monetary Policy Committee and the Committee of the Court The Crown appoints the Court of Directors
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