MPC member Broadbent discusses sterling depreciation
In a speech in London on Monday, Ben Broadbent, an external member of the Bank of England Monetary Policy Committee (MPC), examined the cause and consequences of the sterling's depreciation in 2007–8.
He argued three main points. First, that "the depreciation was not caused by monetary policy", that is, it was not accompanied by the movements in market-based measures of forward inflation that one would have expected if monetary policy was at its root.
Broadbent also said that the process of
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