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AbstractThe Bank of England's emergence as a central bank was the end of a long process that began soon after its founding in the late seventeenth century and continued until the third quarter of the nineteenth century. Its current two core principles emerged at different times. Monetary stability came first, a consequence of its responsibility for the gold standard. Financial stability followed in the course of the nineteenth century as the Bank slowly acquired the role of lender of last resort. Its mandate was a consequence of the two‐way relationship with government and some external forces.