by BRIAN Griffiths
Lecturer in Economics at the London School, of Economics
The Prices and Incomes Board Report on bank charges, the present bank merger movement and the Bank of England's methods of conducting monetary policy have raised important issues relating to the structure of the present monetary system and the objectives of monetary policy. Brian Griffiths argues that the banking system needs an injection of competition and that the present overriding objective of monetary policy-the provision of cheap finance for the Treasury-should be changed.