On 15 December 2011, the Bank of England and the Centre for Economic Policy Research hosted the seventh Monetary Policy Roundtable. These events are intended to provide a forum for economists to discuss key issues affecting the design and operation of monetary policy in the United Kingdom. As always, participants included a range of economists from private sector financial institutions, academia and public sector bodies. At this seventh Roundtable there were two discussion topics: what are the key headwinds facing the UK economy?; and how effective is the further round of asset purchases likely to be?