Mervyn's strangely serene despite our worrying similarities to Zimbabwe

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By Edmund Conway
Last Updated: 6:00AM BST 14 May 2009

You are at the helm of the economy as we plough into the worst recession in living memory; the financial system has still far from recovered and the housing market is embroiled in a crash.

And yet, there was something rather serene about Mervyn King and the Bank yesterday.

Interest rates are as near as they can be to zero; most banks that are in trouble have been saved from collapse; the very worst of the economic contraction is probably behind us. So, are we about to return to boring monetary policy?

No. Sadly, this is only the eye of the storm, for both the Bank and the economy.

Mervyn's strangely serene despite our worrying similarities to Zimbabwe - Telegraph

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