This suggests fiduciary concerns still may not course through the banking bloodstream as freely and easily as would be ideal. They help explain why that Great Divide remains so wide. The Bank of England itself has an important role to play in this public education effort. Decisions made on interest rates in the economy and on credit provision by banks have an important bearing on the general public’s financial decision-making. To that end, one of the Bank’s strategic priorities over the next few years is to increase public awareness of the Bank’s thinking and actions, using new methods such as videos, cartoons and social media, to help the general public’s financial decision-making. 41  For more details on the Open University’s ‘You and your money: personal finance in context’ modules see http://www.open.ac.uk/courses/modules/db123. 42  For example, Zingales (2015). 43  For further details, please see https://www.gov.uk/government/news/cma-wants-banks-to-work-harder-fortheir-customers. 44  For further details, please see http://www.fasterpayments.org.uk/about-us/. 10  BIS central bankers’ speeches  (b)  Creating “purpose” in banking  Regulation and education can only take us so far. Culture cannot be regulated or educated; it has to be inculcated among financial firms themselves. As social identity theory reminds us, it is the sociology and psychology of banking and bankers that needs to change, as much as their finances. In thinking about how best to achieve that re-orientation, it is worth returning to the two dimensions of trust – personalised and generalised. In banking, both have been casualties. How best are they to be restored?

We have taken several progressive measures to communicate more information, including cut-off yield rates of the OMO auctions and overnight liquidity estimates with a view to encouraging more efficient price discovery in the money market and promoting informed decision making by market participants as well as to improve market signaling of OMO. The Central Bank will continue to actively engage in liquidity management, while guiding the short-term interest rates along a desired path. Several measures, such as reviewing the compilation methodology of benchmark interest rates, strengthening the operational framework pertaining to the Intraday Liquidity Facility (ILF), introducing a rule-based code of conduct for Authorised Money Brokers and promoting market development will be taken to improve the efficiency and compliance in respect of money market operations. 11  As announced last year, the Monetary Policy Consultation Committee (MPCC) was reestablished in mid-2017 to draw on external expertise to support the conduct of monetary policy. We will continue to take on board stakeholders’ views and align our policies in a way, which is mutually beneficial for stakeholders and the Central Bank. As the conduct of monetary policy is dependent on an effective and prudent exchange rate policy, the Central Bank has introduced a more market based exchange rate system. It has allowed more flexibility in determining the exchange rate based on the market conditions and has intervened only to smoothen volatility and to build up reserves.