ABSTRACT
The ultimate aim of this book is to try to analyse different systems of monetary control in order to draw some conclusions about the appropriate techniques and targets of monetary policy for the future. In particular, the aim is to consider the problems facing an open economy with a sophisticated financial system, such as the UK in the late 1970s and 1980s. Thus this chapter starts by drawing together the various conclusions reached elsewhere in the book and then considers the problems caused by a sophisticated financial system and an open economy. Some consideration is then given to the special considerations that apply to the UK economy, notably the impact of North Sea oil.
