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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.  INTRODUCTION1-6
  The inquiry4
  Past practice5-6
 
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 forecasts21-27
  Monitoring the Inflation Target28-31
  What happens when things go wrong: The Open Letter System32-36
  Power to override the Bank37-38
 
IV. A FRAMEWORK FOR PARLIAMENTARY SCRUTINY OF MONETARY POLICY 39-59
  Appointment of the Governor and other MPC members42-49
  Tenure of appointments50
  The role and constitution of the Court of Directors51-55
  The Committee's programme56-59
 
 
V.  CONCLUSIONS AND SUMMARY OF RECOMMENDATIONS60-62
 
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


 
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Prepared 29 October 1997