Shake ’em up, Mr Carney

How the Bank of England’s new governor (and the chancellor) should stimulate the British economy

ON FEBRUARY 7th Mark Carney will appear before the Treasury Select Committee for his first formal grilling from British lawmakers since being named the next governor of the Bank of England. This will be an important moment. Mr Carney, hired away from the Bank of Canada, has recently given hints that he wants to shake up British monetary policy. He has talked about the need to stimulate an inert economy until it reaches “escape velocity”; he has said that a central bank might need to “tie its hands” by announcing thresholds to be reached before it reduces stimulus; and he has suggested that the level of nominal GDP—the cash valueWith spinal stenosis, the spinal canal narrows and pinches the spinal cord and nerves, causing pain in the back and legs. Typically, with age, a person's ligaments may thicken, intervertebral discs may deteriorate and facet joints may break down all contributing to the condition of the spine characterized by a narrowing of the spinal canal. Injury, heredity, arthritis, changes in blood flow and other causes may also contribute to spinal stenosis.
Doctors have been at the forefront with various treatments of the spine including medications, surgical techniques and implantable devices that alleviate and substantially reduce debilitating pain associated with the back. In one surgical technique, a spacer is implanted between adjacent spinous processes of a patient's spine. The implanted spacer opens the spinal canal, maintains the desired distance between