BoE’s MPC statements not sufficiently ‘collective’, says Bean
Former deputy governor laments ‘excessive and potentially confusing emphasis on individual views’
The Bank of England’s communication strategy has gone too far in emphasising the views of individual rate-setters “at the expense of the collective”, Charlie Bean tells Central Banking.
Following a review of its forecasting by former Federal Reserve chair Ben Bernanke in 2024, the BoE last year allowed individual members of the monetary policy committee (MPC) to provide short explanations of why they had dissented from the majority.
Bean, who was deputy governor for monetary policy from 2008 to
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