Bank of England's Miles plays down need for remit change
January 29, 2013 12:21 AM EST
The Bank of England does not need to give more guidance on the direction of monetary policy, and suspending its inflation target could be justified only "in exceptional circumstances", a senior policymaker said on Monday.
David Miles, an external member of the Monetary Policy Committee, played down the need for the Bank to adopt the kind of longer-term guidance favoured by the Bank of Canada, whose governor, Mark Carney, will take the top job at the Bank in July.
"I think we are able in the current framework to give plenty of guidance about our thinking and how we see the economy evolving," he told the Evening Standard newspaper.
"I don't think it would be helpful for the MPC to say here is where policy is going to be for the next several months. If we did that there wouldn't be any point in having monthly meetings," he added.
Miles said that a growth target for the Bank - another idea that has been associated with Carney in the past - could only ever be an emergency measure.
"As a temporary measure in exceptional circumstances there may be things to be said for it. I think I would need to be convinced that there were obvious advantages it gave you that you couldn't have with what I would describe as our current regime of flexible inflation targeting," he said.
(Reporting by David Milliken and Olesya Dmitracova)
Most Popular Slideshows
- ‘Sons of Anarchy’ Season 7 Finale Spoilers: Kurt Sutter On Ending The Biker Series And Picking The Right Song For The Final Ride
- Prince Charles’ Wife Camilla Parker-Bowles In Drug Scandal - Reports
- Prince Harry Kissing Mystery Blond, Cressida Bonas & Camilla Thurlow Are Distant Memory
- St. Louis Rams 28, Seattle Seahawks 26 [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Galaxy Note 4 vs Redmi Note 2 vs iPhone 6: Samsung in Danger with Depressing Q3
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar
- iPhone 6 vs Nexus 6 vs Galaxy Note 4: Performance and User Interface Comparison
- Fappening: Message Board Posters Belittle Nude Photo Leakers As D-Listers Seeking Publicity
- Fappening: Lindsay Clubine, Wife Of Boston Red Sox Pitcher Clay Buchholz, & George Sampson Of Britain’s Got Talent, Are The Latest Victims Of Celebrity Nude Leaks