Key functions of the Bank of England. Describe the main responsibilities of the Federal Open Market Committee.

        The primary key functions of the Bank of England are maintaining the monetary stability and maintain the financial stability of the UK financial system in the international market. Bank of England is also there to perform its role as last resort and also playing as custodian to the official gold reserves in U.K. Bank of England is contributing into financial stability very well and does not let the own currency get weaken and maintain the exchange rate according to the economic policies. Through the policies of Bank of England, its monetary management is possible and commercial banks are operating with each other under the confidence of Bank of England (Burton, 2014).

        As far as main responsibilities of Federal Open Market Committee are concerned, they have to be participating into the “Federal Open Market Committee”; they are assigned to the task of conducting national monetary policy. The seven members who elect their President after selecting the one who gets majority of votes have governed this committee. They design the national monetary policy in the time of inflation or deflation; control the money circulation and interest rates so that required results can be achieved. They are responsible for economic depression or boom into the economy (Crane, 2014).

References of the Bank of England. Describe the main responsibilities of the Federal Open Market Committee.