"Unlike the Olympians who have thrilled us over the past fortnight, our economy has not yet reached full fitness. But it is slowly healing. Many of the conditions necessary for a recovery are in place, and the monetary policy committee [MPC] will continue to do all it can to bring about that recovery.
"As I have said many times, the recovery and rebalancing of our economy will be a long, slow process. It is to our Olympic team that we should look for inspiration. They have shown us the importance of total commitment when trying to achieve a goal that may lie some years ahead."Vacuous nonsense. To imply that lifting the economy out of its present stagnation is somehow dependent upon adopting the commitment of an Olympic athlete is meaningless. Sir Mervyn may have little idea how to stimulate economic growth but I can assure him that personal physical effort is unlikely to play a significant role. (Although it might be helpful if he and Slasher Osborne pulled their fingers out.)