Examination of Witnesses (Questions 298-299)|
POTTER CBE AND
8 MAY 2007
Q298 Chairman: Welcome to the Treasury
Committee inquiry into the MPC: ten years on. Would you like to
Dr Potter: We apologise for John
Parker, the Chairman of the Court, not being here. I am technically
the Deputy Chairman of the Non-executive Directors and Chairman
of the Remuneration Committee of the Bank.
Ms Fawcett: I am an Executive
Director of the Court and Chairman of the Audit Committee.
Q299 Chairman: May I ask a general
question to begin with? In relation to the MPC, what do you regard
as your overall role and how do you discharge your responsibilities?
Dr Potter: Our general role in
the Bank is the governance and oversight of the management of
the Bank as a whole, and the Bank of course carries out many functions,
including the implementation of monetary policy (that is the setting
of interest rates) but the formulation of interest rates of course
is the responsibility of the Monetary Policy Committee. Our role
is to oversee that the processes and procedures there are working
well and effectively.