The appointment of Dr Catherine L. Mann to the Monetary Policy Committee Contents
1The appointment of Dr Catherine L. Mann
Background on Dr Catherine L. Mann
4.Dr Catherine L. Mann has been appointed for a three-year term starting on 1 September 2021.
5.Dr Mann was most recently the Global Chief Economist at Citibank from February 2018 to June 2021. Prior to that, she was Chief Economist at the OECD from October 2014 to November 2017, in which role she was also a Finance Deputy to the G20. Prior to the OECD, she held a number of roles in academia, think tanks and public service.
6.In oral evidence, we questioned Dr Mann about her personal suitability for the post and the outlook for UK financial stability. Topics covered during the session included:
- the issues and roles that have interested her most during her career;
- the risks around the outlook for inflation, the data she will be monitoring, and where signs of upward pressures on inflation are most likely to emerge;
- the balance of risks between economic scarring and inflation as the economy emerges from the pandemic, and how to time the withdrawal of monetary stimulus;
- the role of monetary policy in addressing the economic challenges of the recovery from the pandemic, Brexit and the net-zero carbon transition;
- the relationship between monetary policy and productivity;
- the effectiveness and costs of quantitative easing and negative rates;
- whether quantitative easing carries any risks for the independence of the Bank of England;
- the implications of growth and inflation in the United States for the UK and world economies; and
- the ongoing risks posed to the UK by the global coronavirus crisis.
7.We are satisfied that Dr Catherine L. Mann has the appropriate professional competence and personal independence to undertake the role of external member of the Monetary Policy Committee. We wish her every success.