Bank of England: Should try harder

In the old days, the Bundesbank was considered much more effective than Bank of England. That was supposed to change when the German central bank was replaced by the European Central Bank, which has to set one interest rate for 13 countries, and when the UK central bank was granted independence. But it looks like the old days are not over yet. The UK central bank kept the overnight rate at 5.5% on Thursday, one day after the European Central Bank moved up to 4%. The higher UK rate reflects less...