Fisher: BOE's inflation target is credible

Fisher, discussing the value of the UK's inflation-targeting regime, said the 2% target is "credible" and has helped offset the inflationary impact of a weaker pound.

Fisher said it is unclear whether any monetary policy regime -- ie one that includes other criteria than targeting inflation -- could have prevented the recession.

Indeed he said the policy worked to some degree as the UK has suffered "rather less of a slowdown so far than many of our trading partners".