He also addresses some concerns that have been raised about the asset purchase programme.
Spencer Dale points out that the operation of monetary policy over the past year "...demonstrates the strength of the inflation targeting framework in action." The clear numerical target, combined with a framework of transparency and accountability, has been "... instrumental in ensuring that monetary policy has responded boldly and decisively to the events that have unfolded..." The credibility of the target is underpinned by the commitment to the public that ".the Committee will do whatever it takes to hit the inflation target..."
Press release