The forecast is therefore of central importance and is given much attention, both in our deliberations and in our communication of the monetary policy stance. Given this, it is important that there are appropriate governance structures around the forecast.
We are aware that there is a possibility that the forecasters themselves could bias the forecast in such a way as to influence the direction of the policy stance. One way in which we ensure that this does not happen is by making the MPC members part of the process that decides on the assumptions regarding the exogenous variables of the model.