Central Banking and Political Economy: The Example of the UK's Monetary Policy Committee

In a keynote address delivered today to a conference on Inflation Targeting, Central Bank Independence and Transparency at the University of Cambridge, Paul Tucker - Executive Director, Markets and a member of the Monetary Policy Committee - discusses the political economy of the United Kingdom's monetary policy framework.
Published on 15 June 2007

He reviews how the political economy context affects the way independent central banks are constituted and operate in different countries. In the United Kingdom, key measures include democratically elected politicians setting the Bank of England's objective; mechanisms for the Bank to account to Parliament and the public; external members of the MPC; and, importantly, decision taking by majority voting.

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