When facts change, central bank intentions should

According to this article published by the Financial Times on Wednesday 28 June, by Francesco Giavazzi and Charles Wyplosz, the Bank of England, which once pioneered transparency and innovative communication, is trailing behind other central banks.

The article says that recent comments by Mervyn King that interest rate forecasts are unnecessary is out of step with comments from various other central banks.

"There is a good reason why central banks are reluctant to publish interest rate forecast