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The interaction of the FPC and the MPC

Tamarah Shakir (tamarah.shakir@bankofengland.co.uk) and Matthew Tong
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Tamarah Shakir: Bank of England

Bank of England Quarterly Bulletin, 2014, vol. 54, issue 4, 396-408

Abstract: The Bank’s Financial Policy Committee (FPC) and Monetary Policy Committee (MPC) are separate committees, each with their own primary objectives, but with a common secondary objective. In addition, the policy actions of one committee can affect economic and financial variables of interest — and hence the policy stance — of the other. There are clear benefits from having two separate committees. But there is also considerable scope for, and benefits from, effective information sharing and dialogue between the FPC and MPC, and a shared understanding of each committee’s approach to policymaking.

Date: 2014
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