We could have established the grandfather of all MPC’s in 1994, a full 3 years before the Bank of England set up its own MPC, which  BIS Review 40/2007  1  now commands international headlines each time it meets. The MPC, as envisaged originally by us, was admittedly of a slightly different vintage than the one we are launching today.
In contemplating how we were then very much on the right track, I am reminded of the words of Mark Twain, an early tourist here: “Beware if you just stay on the right track, you may be run over by the next train that comes along!” Rest assured: there is no risk of that happening to us. We are on the right track.