EX-MPC members say BoE helped by benign inflation

The Bank of England's Monetary Policy Committee has benefited from a benign inflation climate, according to two top economists who used to sit on the committee. Since the central bank won its independence from government in 1997, the MPC has consistently hit its inflation target of 2.5%.However, much of its success is due to the absence of external shocks to the economy, they told a parliamentary hearing on Feb 6, 2001. "It's true that there haven't been major external shocks," said Willem Bu