The core central-banking doctrine of lending freely though at a penal rate during a financial panic was set out by Walter Bagehot, an early editor of The Economist, in "Lombard Street".

中央银行学说的核心——自由自由借贷但收取惩罚性利率——即为早期的经济学人主编Walter Bagehot在金融恐慌下的朗伯德街所提出。

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Bagehot advised the Bank of England to lend freely to illiquid but solvent banks against good collateral, at a penal rate.

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Mr Kenny has promised to renegotiate the penal interest rate that the government is paying for its bail-out.

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It should lend only to pre-certified countries facing temporary liquidity shocks, on a short-term basis, at a penal interest rate, and without economic conditions attached.

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