Treasury - Twelfth 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 24 July 2007.
Contents
Terms of Reference
Summary
1 Introduction
The conduct of our inquiry
2 Reform of the monetary policy framework
The need for further legislative reform
3 The economic context
The past decade
Risks ahead
Asset prices
"Leaning against the wind"
The housing market
Household debt
Monetary aggregates
Inflation expectations
4 The monetary policy framework
Setting the target
Target symmetry
Measuring inflation
Wage bargaining and the CPI
Including housing costs in the CPI
Monetary policy and fiscal policy
Coordination of monetary and fiscal policy
Allocating temporary fiscal powers to the Bank of England
5 The Monetary Policy Committee as a body
Size and balance of the MPC
Profile of external members
Understanding economic models
Conclusions
Terms and conditions of 'external' members
Appointments
Appointments of 'external' MPC members
The role of the Treasury Committee
Appointments of 'internal' MPC members
Frequency of MPC meetings
The role of the Court of the Bank of England
Resources
Resources available to external MPC members
6 The transparency of the Monetary Policy Committee
Inflation expectations and educating the public
Writing letters
Future path of interest rates
Transparency after the vote
Dealings with professional economists
Transparency of the views of individual MPC members
Minutes
Statements to the Treasury Committee
Attendance at Inflation Report press conferences
Our Inflation Report hearings
7 Conclusion
Conclusions and recommendations
Formal minutes
Witnesses
List of written evidence
List of Oral Evidence
Tuesday 6 March 2007
Tuesday 20 March 2007
Tuesday 24 April 2007
Tuesday 8 may 2007
Thursday 14 June 2007
Written Evidence
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