1 Introduction |
1. In our First Report of Session 2005-06, we indicated
our intention to continue with the practice of holding hearings
and issuing short Reports on appointments to the Monetary Policy
Committee (MPC) of the Bank of England.
This practice enhances the transparency of the appointment process
and increases the level of information available to the public
and to Parliament about the functioning of the MPC.
2. We have resolved to restrict questioning to issues
of the appointee's personal independence and professional competence.
We have also decided to send a preliminary questionnaire to each
appointee prior to the hearing requesting information about the
appointee's career and views on relevant economic issues.
3. In this Report, we have considered the suitability
of Professor David Blanchflower for his role as a member of the
MPC. We have not considered the appropriateness of the current
appointment process for members of the MPC. We have also not commented
on the overall composition of the MPC. We have previously indicated
that we may return to these topics at an appropriate time,
which we now expect to be in the course of 2007.
4. We took evidence from Professor Blanchflower on
24 May 2006. This evidence, for which we are most grateful, will
be published shortly, together with his answers to our questionnaire
and his curriculum vitae.
1 Treasury Committee, First Report of Session 2005-06,
The Monetary Policy Committee of the Bank of England: appointment
hearings, HC 525-I Back
Treasury Committee, Third Report of Session 1997-98, Confirmation
Hearings, HC 571 Back
Treasury Committee, Third Report of Session 2005-06, The Monetary
Policy Committee of the Bank of England: appointment hearing for
Sir John Gieve, HC 861, para 3 Back