that the mpc had identified as a risk associated with the referendum now looks likely to be our central forecast. using reports from our nationwide network of agents, private survey evidence, and hard data, in the coming weeks we will estimate the extent of the deceleration as we formulate our august projections. 3. policies in an uncertain world when uncertainty is high, policymakers should have three objectives. first, conduct a sober, objective assessment of the outlook and the risks to it. second, develop and communicate a plan to reduce those risks and to seize new opportunities. and third, do no harm, by bis central bankers ’ speeches minimising any possible confusion about the commitment to core macroeconomic policy frameworks themselves. in tim geithner ’ s famous dictum, “ plan beats no plan. ” and in my experience, a plan that is clearly articulated and transparently executed is best of all. a plan for the uk ’ s current challenges would include a comprehensive strategy for engaging with the eu and the rest of the world – including clarifying the uk ’ s future trading arrangements, calibrating its openness to migration, ensuring the continuity of capital flows, and confirming the appropriate regulatory framework for the uk financial system. the impact of concrete progress towards these objectives would be amplified by an overarching, positive and animating narrative for growth in a post - brexit world. to emerge from an uncertain world with confidence, people and businesses need a fixed point by which to navigate. once identified, everyone can then play a role supporting the strategy to get us to our destination. that strategy must be grounded in the bedrock of the uk ’ s existing macro policy institutions and frameworks. that means fiscal policy anchored in a clear commitment to long - run sustainability and buttressed by the independent office for budget responsibility. and it means respecting the frameworks for the other major arms of macroeconomic policy as they are set out in statute and conducted by the bank of england. the bank has clear remits and can deploy a wide range of instruments. with its goals defined by parliament, the bank has operational independence. its policy strategies and communications are decided by independent, expert committees whose members are individually accountable to parliament for their analysis and policy actions. the bank conducts policy consistently, transparently and accountably. its policy committees are straight with the british public about the risks and trade - offs in the pursuit of our objectives. this institutional framework is critical to reduce uncertainty and essential to promote

lithuania. going forward, policymakers should not be afraid to step into terra incognito and consider new ways of calibrating macroprudential tools when in crisis. in the future, when faced with a shock, it may be possible to relax borrower - based measures to stimulate lending to the real economy – by lowering the loan - to - value requirements or applying exemptions to debt - service - to - income limitations. overall, it is my conviction that there is still plenty we can discover in terms of the deployment possibilities of macroprudential policy. i hope that with my intervention today i have been able to set the scene for the governors ’ panel. i will now be extremely keen to hear your insights on the issue at hand. thank you. 5 / 5 bis central bankers'speeches