David Ramsden: Monetary policy from end to end - define, decide, deliver
Speech by Sir David Ramsden, Deputy Governor for Markets and Banking of the Bank of England, The Strand Group Lecture Series, King's College London, London, 20 November 2017.
This is my first speech in my new role as Deputy Governor for Markets and Banking, and as a member of the Monetary Policy Committee (MPC). It is a pleasure to be giving it in the newest part of King's College London and in my position as a visiting professor here at King's. And I'm delighted it's the 25th Strand Group event, showing how this flagship series of policy relevant events has already become well established.
One of the key differences between my old and my new role is the level of accountability. As Chief Economic Advisor to HM Treasury for the past 10 years, as would be expected under the civil service code, I was generally responsible for giving evidence-based advice to ministers who were ultimately accountable for their decisions to parliament and the public. That is very different in my new role in which I am directly accountable to parliament and public for decisions taken as a member of the MPC, Financial Policy Committee (FPC) and Prudential Regulation Committee (PRC). I also have a direct set of prescribed responsibilities under the Bank's application to itself of the Senior Managers Regime - a framework developed to improve accountability at the top of financial services firms.