Mervyn King's first speech as governor of the Bank of England, on October 14, is notable for setting out in concise form how he views the economic environment in which monetary policy will be conducted, and for laying down some pointers to his agenda for the Bank's operations and organisation (see page 90). The world at large will be more interested in his thoughts on the first subject; the staff at the Bank may dwell rather more on the second - understandably, as there has been not a little