1100 GMT / 0700 US Eastern time:
- External member of the Monetary Policy Committee of Bank of England Megan Greene will give a speech at Make UK ‘The current state of Britain’s labour market’
Greene voted with the majority to hold the Bank Rate steady at the most recent meeting.
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An external member of the Bank of England’s Monetary Policy Committee (MPC) is a part-time, independent expert appointed to contribute to the committee’s decision-making process. Unlike internal members, who are usually Bank of England executives, external members bring outside perspectives, expertise, and independent judgment to the committee.
Some key points about external members:
1. External members are appointed by the Chancellor of the Exchequer for a renewable term, usually lasting three years.
2. They provide independent assessments of the economic situation and monetary policy. Their insights and analyses are crucial in forming a balanced view on setting interest rates and other monetary policies.
3. External members are independent of the Bank of England’s internal staff and executives, allowing for diverse viewpoints and reducing the risk of groupthink.
4. They are typically economists, academics, or professionals with significant experience in financial markets, economics, or related fields.
5. They actively participate in MPC meetings, discussing economic conditions, inflation forecasts, and the appropriate stance of monetary policy. They also vote on policy decisions.
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This article was written by Eamonn Sheridan at www.forexlive.com. Source