VII. Summarize the following passage in about 100 words and an appropriate

Title

As the central bank of the United Kingdom, the Bank is committed to promoting the public good by maintaining a stable and efficient monetary and financial framework as its contribution to a healthy economy. In pursuing this goal, it has three core purposes; achieving them depends on the work of the whole Bank.

• Maintaining the integrity and value of the currency. Above all, this involves securing price stability as a precondition for achieving the wider economic goals of sustainable growth and employment. The Bank does this by influencing decisions on interest rates, on the basis of economic and financial analysis of developments both at home and abroad; by participating in international discussions to promote the health of the world economy; by implementing agreed policy through its market operations and its dealings with the financial system; and by maintaining confidence in the note issue.

• Maintaining the stability of the financial system, both domestic and international. The Bank seeks to achieve this through supervising individual institutions and markets; through monitoring the links between financial markets; through analyzing the health of the domestic and international economy; through co-operation with other financial supervisors, both nationally and internationally; and through promoting sound and efficient payment and settlement arrangements. In exceptional circumstances, the Bank may also provide or organize last resort financial support where this is needed to avoid systemic damage.

• Seeking to ensure the effectiveness of the UK's financial services. The UK needs a financial system that offers opportunities for firms of all sizes to have access to capital on terms that give adequate protection to investors, and which enhances the international competitive position of the City of London and other UK financial centers. The Bank aims to achieve these goals through its expertise in the market place; by acting as a catalyst to collective action where market forces alone are deficient; by supporting the development of a financial infrastructure that furthers these goals; by advising HM Government; and by encouraging British interests through its contacts with financial authorities overseas.

Because the Bank is a national institution, its three core purposes relate primarily to the UK. Achieving them requires it not only to understand the international developments that may have a bearing on them, but also to co-operate actively with other monetary authorities and international organizations.

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