Central Banking

Speech by Mervyn King, Bank of England, 22 May

SPEECH - In a speech titled 'The Monetary Policy Committee Five Years On' delivered to the Society of Business Economists in London on 22 May, Mervyn King, Deputy Governor of the Bank of England, poses four questions about the role and record of the MPC.

"First, why give the power to decide interest rates to a committee rather than an individual? Second, does it matter that the MPC frequently disagrees about its decision? Third, has the Committee communicated clearly the reasons for its

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