Our concern about quality has also influenced how we approach the flow of information just prior to, and at the time of, our policy announcements. The Bank consciously refrains from making public comments on issues relating to monetary policy in the week before an announcement on official interest rates. This is a sensitive period, particularly for financial markets, and comments could easily be misinterpreted.
The other point I would stress about the quality of information relates to how the Bank arrives at monetary policy decisions. The decision-making of the Bank’s Governing Council is a process of consensus building. Members of the Governing Council are full-time employees of the Bank who meet on a daily basis.