House of Commons - Treasury - First Report

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House of Commons

Session 1997-98
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Treasury Committee Reports

Treasury - First Report

Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 23 October 1997.

ACCOUNTABILITY OF THE BANK OF ENGLAND

TABLE OF CONTENTS

Terms of Reference

Paragraphs

I.  INTRODUCTION 1-6

  The inquiry 4

  Past practice 5-6

II.  ANSWERABILITY OR ACCOUNTABILITY? 7-13

III. THE FOCUS FOR THE TREASURY COMMITTEE'S INQUIRIES 14-38

  How should the Committee judge the Bank's performance? 14-20

  Technical issues: models and forecasts 21-27

  Monitoring the Inflation Target 28-31

  What happens when things go wrong: The Open Letter System 32-36

  Power to override the Bank 37-38

IV. A FRAMEWORK FOR PARLIAMENTARY SCRUTINY OF MONETARY POLICY 39-59

  Appointment of the Governor and other MPC members 42-49

  Tenure of appointments 50

  The role and constitution of the Court of Directors 51-55

  The Committee's programme 56-59

V.  CONCLUSIONS AND SUMMARY OF RECOMMENDATIONS 60-62

ANNEX 1: Evidence given by the Bank of England to the former Treasury [and Civil Service] Committees since 1979

ANNEX 2: Note on Seminar

PROCEEDINGS OF THE COMMITTEE RELATING TO THE REPORT

© Parliamentary copyright 1997
Prepared 29 October 1997