RTTNews - It is very early to draw conclusions on the efficacy of the measures implemented by the Bank of England to address the credit and economic crisis, the Bank's deputy governor Charles Bean said late Tuesday.

Even in some years time, it will still be difficult to draw firm conclusions, as the counter-factual is bound to be uncertain. But it will certainly provide fertile ground for future PhD theses, Bean said in a speech to the European Economic Association in Barcelona.

He said the BoE's GBP175 billion asset purchase scheme is really just a return to the classic monetary policy operation of the textbook.

The central banker said policymakers should take pre-emptive actions to cool future credit and asset price booms after a tumultuous two years for the global economy.

We have seen the eruption of a systemic financial crisis of quite unusual intensity and international reach. The nearest precedent is probably the widespread closing of international capital markets on the eve of the First World War, he said.

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