Alternatively, one can follow the suggestion by Crockett I mentioned above and distinguish the regulatory and supervisory actions between those conducted at the level of individual institutions and those affecting the whole markets.
But it was time for a careful health check of our approach. Professor Pagan and Dr Wilcox visited the Bank for two weeks during one of our regular forecasting rounds. They spent time with individual sections in Economic Group, examining our models and forecasting approaches in detail. They also met with senior management and attended our internal forecast discussions.