Bank of England to release transcripts of Monetary Policy Committee meetings.
M2 EQUITYBITES-May 1, 2014-Bank of England to release transcripts of Monetary Policy Committee meetings
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The Bank of England on Wednesday announced that it has commissioned a review of practices and procedures in its consideration of making permanent recordings and transcripts of Monetary Policy Committee (MPC) meetings.
The Bank said that it has appointed governor Kevin Warsh, a former member of the Board of Governors of the Federal Reserve System and member of the Federal Open Market Committee, to undertake the review.
Currently MPC meetings are recorded by those responsible for writing the MPC minutes as a back up to their written notes, this is intended to ensure that the published minutes are accurate. No transcript is made and the recordings are deleted once the official minutes have been published.
At a recent Treasury Committee hearing the Bank was asked to consider making and keeping full transcripts with a view to releasing them after a number of years, transcripts of monetary policy discussions in some other central banks are, or will be, published, with those of the Federal Open Market Committee in the United States being published after five years and in the euro area, records of ECB Governing Council meetings will be published after thirty years.
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