Introduction - PART 1: FINANCIAL SYSTEMS - Who do Banks need a Central Bank? - Can we improve the Structure of Financial Systems? - The Implication of shifting Frontiers in Financial Markets for Monetary Control - Central Bank Independence - Alternative Monetary Standards - The Conduct of Monetary Policy - Banks and the Control of Corporations - The Political Economy of Monetary Union - PART 2: CENTRAL BANKING - What do Central Banks do? - The Objectives for, and the Conduct of, Monetary Policy in the 1990s - Advising the Bank of England - The Operational Role of the Bank of England - Monetary Base Control - Price Stability and Financial Fragility - A European Central Bank - PART 3: FINANCIAL REGULATION - Institutional Separation between Supervisory and Monetary Agencies - Bank Insolvency and Deposit Insurance: a Proposal - The Regulatory Debate in London - The Costs of Regulation - Investor Protection and Unprincipled Intervention - Financial Regulation and Supervision - Bibliography - Index