At its February meeting, the Governing Council emphasised its determination to stay the course in raising interest rates significantly at a steady pace and in keeping them at levels that are sufficiently restrictive to ensure a timely return of inflation to our 2% medium-term target.
But independence also comes with a great deal of responsibility – the choices we make as central bankers have a significant influence on society. So being accountable for our decisions is the necessary counterweight to our independence. This means that we need to explain our policies, and the analysis that underpins them, to ensure that people understand how our decisions are taken.