Local government has now to choose if it is to be to use the distinction coined by Walter Bagehot a dignified or an efficient part of the constitution.
WalterBagehot, the Victorian editor of The Economist after whom this column is named, made a distinction between the efficient and the dignified parts of government.
Next to keeping its currency stable, the critical mission of a central bank is to stem financial panics, something WalterBagehot wrote eloquently about more than 130 years ago.