The Court of the Bank of England has commissioned three reviews into the Bank of England's (BoE's) provision of liquidity to the banking system during the financial crisis and its forecasting abilities.
The reviews, aimed at ensuring the Bank has the ability to respond to future crises, will assess the BoE's provision of emergency liquidity assistance (ELA) in 2008/9, its framework for providing liquidity to banks in general, and the Monetary Policy Committee's growth and inflation forecasts. David Stockton, former director of research at the Federal Reserve, will assess the MPC's projections for growth and inflation since 2008, the analysis presented to the MPC in producing those projections and the committee's processes. The review will examine whether the MPC's procedures allow it...
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