News to light the fires of the paranoid and conspiracy theorists out there:
The Bank of England’s Monetary Policy Committee (MPC), the group which decides on interest rates each month, keeps no minutes of their meetings. We’ve argued on this blog that the setting of interest rates by a central body has a devastating impact on the economy – this is the view held by economists of the so-called “Austrian school”. Keynesians also acknowledge the importance of interest rates on the economy, though they argue that central banks should be setting them “correctly” to respond to market conditions. Such a key job should be done openly and transparently, rather than behind closed doors.
No only does the Federal Reserve needs auditing – so does the MPC! What do they actually base their decisions on?