SPECIAL REPORT |
By the Select Committee appointed to consider the
operation of the Monetary Policy Committee of the Bank of England
and to make recommendations.
1. The Committee invites evidence relevant to
its terms of reference from any individual or organisation.
2. The Committee draws the attention of potential
witnesses to the following issues in particular:
- the objectives of monetary policy;
- the techniques of monetary policy;
- how changes in the short-term rate of interest
work through to the economy:
- the relationship between monetary and fiscal
- how the Chancellor of the Exchequer's objectives
for the real economy come into play;
- how the emergence of European Monetary Union
is expected to affect monetary policy in the United Kingdom;
- the information available to the Monetary Policy
Committee and how that might develop in the future;
- the quality of the information upon which the
Monetary Policy Committee makes its decisions, and in particular
whether inflation is measured satisfactorily;
- how the Monetary Policy Committee is appointed;
- the frequency of the meetings of the Monetary
Policy Committee and the effects of its minutes;
- the experience of other countries, in particular
Western Europe and North America.
3. Evidence should in the first instance be in
writing and should be sent to the Clerk of the Committee:
David J Batt
House of Lords
London SW1A 0PW
The Committee welcomes evidence submitted
on disc (Word documents) or by e-mail to the following address:
Those submitting written evidence may subsequently
be invited to supplement it orally.
4. The Committee requests that, where possible,
evidence should be submitted by Monday, 15 February 1999.