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Central Banks ‘Doing Best They Can’ on Prices, BOE’s Posen Says

Jan. 19 (Bloomberg) -- Global central banks, including in the Bank of England, are “doing the best they can” on price stability, U.K. policy maker Adam Posen said.

Posen made the comments in responding to questions at an event in Birmingham, England, today.

“Central banks’ job is not to lower inflation. Central banks’ job is to provide price stability. Central banks right now -- the major central banks including the Bank of England -- are doing the best they can, given the limits they’ve got and in terms of the shock we had, to provide price stability. We may get some things wrong -- I’ve certainly gotten some things wrong -- but our goal is price stability, not low inflation per se.”

To contact the reporters on this story: Scott Hamilton in London at shamilton8@bloomberg.net; Svenja O’Donnell in London at sodonnell@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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