BoE's Carney: Monetary policy has in many respects been overburdened

During a testimony at House of Lords, Bank of England's Governor Mark Carney stated that monetary policy has, in many respects, been overburdened. Also, he welcomes that the government is signalling resetting of balance between monetary, fiscal and structural policy.

Key headlines (via Reuters):

• Monetary policy has been the principal if not sole vehicle to provide stimulus to UK
• Central bank operational independence has stood the test of time in UK
• If BOE independence were to be called into question, would expect to see risk premium on UK assets
• Risk premium would be most prominent on currency, also in gilt markets and inflation expectations
• Markets should have no reason to see risk premium on UK assets
• Lawmakers' comments on BOE policy have no effect on how BOE discharges its responsibility
• BOE will not change how it conducts monetary policy unless parliament changes its remit
• Stance of monetary policy has supported UK economy during difficult period of adjustment
• In general most Britons have benefited from BOE policy between 2009 and 2016
• Weaker productivity expectations to blame for underperformance of some UK pensions