When I joined the Bank, I was part of a new internal Governors Committee, the first step into collective decision-making for monetary policy. Subsequently, the Government introduced legislation mandating a statutory Monetary Policy Committee, from April 2018. This has proved an excellent development, consolidating collective decision-making and strengthening further transparency and integrity of policy deliberations.
The Committee has worked well, appropriately testing the Bank’s analysis and advice and making consensual decisions in the uncertain times.