Recent Developments in Central Banking: Some Special Features of the Monetary Policy Committee and of the European System of Central Banks

Charles Goodhart ()

FMG Special Papers from Financial Markets Group

Abstract: Immediately after 1997 General Election, the Chancellor of the Exchequer, Gordon Brown, gave the Monetary Policy Committee a single objective, which is an Inflation Target, defined as 2.5% for retail price inflation, excluding mortgage interest payments, i.e. RPIX. So, as you may imagine, the members of the MPC are avid users of data on inflation, and on all the manifold factors that may help to contribute to present and future inflation.

Date: 1999-09
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