In this speech Alan Taylor discusses the Bank of England’s central forecast and its role in the monetary policy process past, present and future. Allowing for strengths and weaknesses, he argues that the central forecast has been and will remain central to the work of the MPC, even as the present outlook is clouded by global uncertainty, as shown by the most recent scenarios.
Speech
Introduction
Good afternoon to everyone, and my congratulations to CEPR and Barclays for yet another successful iteration of the Monetary Policy Forum here in London.
It is certainly a great honour to be asked to speak to you today and my thanks to Beatrice Weder di Mauro, and to Silvia Ardagna and Jack Meaning, and their teams, for this kind invitation and all the careful planning and arrangements.
Now, many of us here work in or near Threadneedle Street. Like me, you might take the steps down to the tube outside the Bank and, if your luck is down, be confronted with the announcement that “the Central line is partially suspended”. But I never really thought we would be making the same kind of announcement inside the Bank.
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