The analysis and arguments put by the staff and management of the Bank are well and truly tested. Any weaknesses will quickly become pretty clear. This discussion usually takes about three hours. It is, I would think, the most intense regular discussion of the state of the economy that occurs anywhere in the country, as of course it should be.
At the end of the discussion, the Governor, as Chairman of the Board, will sum up and introduce the policy question. Each member has an opportunity to give their view and their reasoning on the decision at hand. Typically, a consensus emerges, and the decision is then taken. It then remains to issue a statement.