I suppose it is progress of sorts that the Bank of England now admits it got it wrong in 2003-6, when it allowed excess to build up in the banking system by keeping interest rates too low.
When will they also admit they got it wrong in 2006-7, when they kept interest rates too high, bringing the pack of cards tumbling down?
And when will they admit they are still getting it wrong, pushing huge quantities of money at ever lower interest rates into a system which is still broken, but which one day may ignite inflation again?
I would be far happier if they confessed to current sins than long gone ones. It is difficult to fathom how bad they can be and can remain, when they seem to get every important call about banks and markets wrong. If this were a private sector business the management would have been changed a long time ago. When are they planning to hit any of their targets and forecasts for the economy?