•  Changing the MPC meeting frequency from once a month to every two months to give the MPC a better opportunity to fully consider economic and financial conditions, including important issues and policy alternatives; and  •  Communication of the Bank’s monetary policy decisions, including the setting of the repo rate, to the public in the form of a “Monetary Policy Announcement” on the Friday evening of the week in which the MPC meeting is held.
In the euro area that transmission mechanism has been impeded repeatedly in the past, initially by rising risk premia linked to unwarranted fears about the survival of the euro area, and later by widespread bank deleveraging. [3] That has diluted the effectiveness of our stimulus and lengthened the “long and variable” lags over which monetary policy works.