Communicating Monetary Policy in Practice - Speech by Marian Bell at the Manchester Business School's Vital Topics Lecture

In a speech tomorrow evening, as part of the Manchester Business School’s series of Vital Topics Lectures, Marian Bell, an external member of the Monetary Policy Committee, will reflect on the process and communication of monetary policy in the United Kingdom.
Published on 16 May 2005

“In my experience the MPC is straightforward in its communications. The MPC doesn’t spin. Nor are we disingenuous” she will say. There is an “inevitable tension between the expression of individual views and the expression of a clear message ….. but individual accountability is an important factor in the strength of the current framework”. Bell will go on to say “If I have formed one overwhelming impression from my years on the MPC it is of the importance of individual accountability, and of the respect accorded to the integrity of Members’ individual views among the staff of the Bank and within the process itself”. Furthermore she will say that “it is important that both the Minutes and the Inflation Report adequately reflect the breadth of debate and views on the committee”.

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