The Bank of England (BoE) has published a document announcing a series of changes aimed at reinforcing its transparency, accountability and governance. The document sets out the core components of the BoE’s proposed approach and groups them under four headings:
- improvements to Monetary Policy Committee (MPC) transparency;
- transparency of BoE records and documents. The BoE intends to make a one-off special release, in appropriately redacted form, of the minutes of the Court of Directors and related meetings during the financial crisis period of 2007 – 09;
- governance of the BoE. The BoE proposes to simplify the governance and structure of the BoE’s Court of Directors; and
- governance of the BoE’s policy responsibilities. This includes proposals for aligning the status of the Financial Policy Committee and the PRA Board with that of the MPC.
View Transparency and accountability at the Bank of England, 11 December 2014
View Press release: Bank of England proposals to bolster transparency and accountability welcomed by Chancellor, 11 December 2014