Tuesday, 22 May 2012

UK: Bank of England - independent performance reviews commissioned

The Court of the Bank of England has commissioned three reviews to assess the Bank's performance and current capabilities, focussing on the provision of Emergency Liquidity Assistance in 2008/9, the Bank’s framework for providing liquidity to the banking system as a whole and the Monetary Policy Committee’s forecasting capability. Andrew Tyrie MP, the chairman of the House of Commons Treasury Committee, makes the obvious point (see here): wouldn't it have been better for this work to have been done prior to the Government's embarking on the current reforms to the financial regulatory framework, under which the Bank of England will have a much greater role?

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