Carney Defends BOE Against Brexit Charges

The transcript discusses the roles and views of the Financial Policy Committee (FPC) and the Monetary Policy Committee (MPC) on economic and financial issues. It highlights the independence of these committees and their decision-making processes, including how consensus and disagreements are managed. The Bank of England's stance on Brexit risks is also covered, emphasizing that the policy lines are determined by the committees, not the bank itself. The importance of private conversations between governors and chancellors is discussed, along with the need for transparency and public reassurance through document examination in extraordinary circumstances.

What is the primary responsibility of each member of the FPC and MPC?

• To follow the consensus of the committee

• To be individually accountable for their views

• To represent the views of the Bank of England

• To ensure all disagreements are resolved

What is emphasized about the discussions between the Bank of England and the Chancellor?

• They are primarily about setting interest rates

• They should be publicly recorded in real-time

• They should remain private to allow free-flowing discussion

• They are only about Brexit-related issues

What is the stance on keeping minutes of meetings with the Chancellor?

• Minutes are kept and publicly released for financial stability discussions

• Minutes are never kept for any meetings

• No records are kept to maintain confidentiality

• All meetings are recorded and tweeted in real-time

Why is there caution against recording every conversation between the Governor and the Chancellor?

• It could lead to leaks of sensitive information

• It would require too much administrative work

• It might limit free-flowing discussions

• It is against the Bank of England's policy

Under what circumstances might private notes be examined?

• Whenever the public demands it

• In extraordinary circumstances

• Only when the Chancellor requests it

• During regular committee meetings