... pressures. The experiences over the last 20 years of the independent Bank of Israel, Central Bank of Brazil, National Bank of Poland, and Reserve Bank of New Zealand, among others, in societies where ... central banks will want to initiate such bond purchasing activity themselves. In the case of the Bank of England& apos;s program of Quantative Easing, it was undertaken on the initiative of the ... 15Toassureourindependenceinsodoing,the Bank of England askedHMTreasuryforanindemnityagainstanylossessufferedonourGiltpurchases.See:http://www.bankofengland.co.uk/publications/news/2009/019.htm12References...