The Adam Smith Institute ( ASI ) proposes scrapping the Bank of England 's Monetary Policy Committee ( MP ) , and instead use quantitative easing instead of interest rates to conduct normal monetary policy , and abandon the existing inflation target in favour of targeting nominal Gross Domestic Product ( GDP ) . Free banking delivered fewer banking crises, and more stability in the wider economy, it claimed. The Bank of England was accused by ASI director , David Butler , of doing a " very poor job of protecting our economy " and creating " artificial booms , followed by genuinely painful busts , through decades of using their unreliable instruments " .
The Adam Smith Institute ( ASI ) proposes scrapping the Bank of England 's Monetary Policy Committee ( MP ) , and instead use quantitative easing instead of interest rates to conduct normal monetary policy , and abandon the existing inflation target in favour of targeting nominal Gross Domestic Product ( GDP ) . The Bank of England was accused by ASI director , David Butler , of doing a " very poor job of protecting our economy " and creating " artificial booms , followed by genuinely painful busts , through decades of using their unreliable instruments " .