The other four FADs are situated midway between these dates and are also timed to coincide with the availability of important information. The most recent fixed announcement date was 17 April. Who decides? The major players in the FAD process are the Governing Council, the Monetary Policy Review Committee, and the four economics departments at the Bank.
For example, these models predict that if there are large international capital flows into a low-growth country, then excessive investment is allocated to low-productivity projects (such as housing). With such a supply-driven credit boom, interest rates go down, incentives in the banking sector deteriorate, and financial fragility arises endogenously.