This takes place through bilateral meetings, group discussions, and phone calls, supplemented by all of the screens and data analysis on our modern trading floor. But compared to the time of the “Senior Broker”, the coverage of Market Intelligence has expanded dramatically. The markets in which the Bank operates (i.e. short term money, fixed income and currency markets) continue to provide the natural starting point for our Market Intelligence. But in recognition of the fact that threats to the Bank’s ability to achieve its core purposes can have their origins anywhere, coverage has now expanded to 23 different markets as far afield as structured products and emerging markets, covered by 80 analysts across the Bank for whom MI is a significant part of their job. This first-hand information differs from what can be gathered from our Bloomberg screens, analyst reports, and research – and it provides an important perspective on both short-term moves and long-term trends. It permeates every part of the organisation: every morning the Governors get together to receive an in depth briefing on financial markets from Chris Salmon, the Executive Director for Markets, and part of my job is to brief the MPC on recent market developments and its implications for monetary policy. MI also feeds into more strategic issues and the policy decisions of the Committees.
As public servants they contribute every day to delivering our mission to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. The changes we are making public today will ensure they can continue to do that important work effectively. 7. Open about our business  The Bank’s balance sheet has been at the heart of the financial system for over 300 years, and remains our most important policy tool. The innovations and adaptations in recent years have meant that it has been central to the flexible and effective response to all of the major policy challenges faced by the Bank since the onset of the financial crisis. And I am sure it will be a vital part of everything we do in future. Over that period, we have re-learnt one of Bagehot’s lessons – that ambiguity is rarely constructive. Policy is at its most effective when it is clearly communicated. We have taken major steps to improve communications around our monetary policy decisions, the framework we use to provide liquidity to the financial system, and the way we use Market Intelligence. Those changes show that the Bank of England is not just “open for business,” we are also “open about our business.”  11  http://www.bankofengland.co.uk/markets/Pages/mireview.aspx.