Friday, Jun 15, 2007
Crippled and divided, MPC is out of control
Reuters: BoE's Tucker: Publishing future rate path problematic
"Tucker, in his speech, repeated the BoE view opposing publishing individual entries in minutes of the MPC's meetings. "My reluctance to go down that route stems from a concern that we would slip towards a degree of individualism where members were no longer listening to each other," he said" Lately the MPC sounds crippled by internal differences of opinion. Beside (in)dependence, one wonders if MPC can perform basic duties. And in any case, the individual entries in the minutes should be published as a matter of transparency.
Posted by confused76 @ 09:57 AM (159 views) Add Comment
4 Comments
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1. paul said...
I thihnk you've taken a little bit of artistic license with the description "crippled and divided", confused!
It is interesting though because the reason they wouldn't want to forecast is because - of course - they would get it wrong all the time. They would certainly have fewer excuses for inaction too.
2. confused76 said...
Verbatim from one of their members:"... a concern that we would slip towards a degree of individualism where members were no longer listening to each other"
"no longer listening to each other"??!! a committee??
Paul, I did not take any licence. They are 50-50 divided on rate decisions, and they cannot hide it anymore. They are crippled because they cannot make any decision: up, down, sideways? Based on my corporate experience, this is the typical talk of boards before a long awaited reshuffle, resignations, takeover...
3. royston said...
They can express public differences of opinion if they want, but remember, they answer to Gordon. When he grinds the organ, these monkeys will perform the choreographed dance that he trained them to do.
4. paul said...
"Tucker, in his speech, repeated the BoE view opposing publishing individual entries in minutes of the MPC's meetings."
"My reluctance to go down that route stems from a concern that we would slip towards a degree of individualism where members were no longer listening to each other," he said.
So that's not actually happening. As for their credibility, well if inflation goes over 3.0% again soon, they'll at least have to explain they why they got it wrong in their first letter.