IX. Meanings

THE EXECUTIVE

Governor's Committee   Eddie George (Governor) Howard Davies (Deputy Governor) MervynKing (ExecutiveDirector, Monetary Stability) Ian Plenderleith (Executive Director, Monetary Stability) Michael Foot (ExecutiveDirector, Financial Stability) Alastair Clark (Executive Director, Financial Stability)   Advisers to the Governors Len Berkowitz (Head, Legal Unit) Sir Peter Petrie (Europeanand Parliamentary Affairs) Ian Watt (Head, Special Investigations Unit)   Management Committee Howard Davies (Deputy Governor) Bill Alien (Deputy Director, Monetary Analysis) John Footman (Deputy Director, Financial Structure) Graham Kentfield (Deputy Director, Banking and Market Services) Gordon Midgley (Deputy Director, Finance and Resources) Oliver Page (Deputy Director, Supervision and Surveillance) John Townend (Deputy Director, Market Operations) Merlyn Lowfher (Personnel Director)

Under Court, the Bank's senior policymaking body is the Governor's Committee, comprising the Governors and Executive Directors. Members of the Governor's Committee also meet, with officials, as Policy Committee to deal with strategic issues. The Monetary Policy Committee, which includes Heads of Division in the Monetary Stability Wing, meets each month to discuss the Bank's advice to the Chancellor on interest rates. Detailed implementation of policy, and internal administration of the Bank, is the responsibility of Management Committee, which is chaired by the Deputy Governor and comprises the Deputy Directors and the Personnel Director. The Bank's broad organizational structure is shown in the chart on page 20. The names of the key heads of function are given in the Operational Reviews. The distribution of the Bank's resources is also shown in the Operational Reviews and is discussed in more detail in the Finance and Resources section of this Report on pages 50 to 52.

Read the passage below and explain the meanings of the words and phrases which have been underlined.

The Monetary Analysis Divisions provide the economic analysis, which supports the Bank's work in pursuit of monetary stability. That includes the continuous analysis of the monetary and economic situation in the UK and overseas. Other aspects of the work are the analysis of structural economic issues affecting longer-term economic performance, including the industrial and social consequences of monetary policy; analysis of alternative monetary policy strategies; analysis of techniques for implementing monetary policy; and extraction of information about financial market expectations from financial asset prices. The plans for EMU have a large bearing on much of the work, and the Divisions contribute to preparatory work on EMU by the European Monetary Institute and the European Union Monetary Committee, and participate in other international forums.

The main published output of Monetary Analysis is the quarterly Inflation - Report, which aims for a high reputation as a comprehensive and rigorous account of the factors affecting inflation in the UK, and which includes the analysis and projections, which underlie the Bank's advice to the Chancellor of the Exchequer on monetary policy.

The Monetary Analysis Divisions undertake extensive research to help maintain and develop the quality of the Bank's policy advice. Much of the research is published as speeches or articles or in summary form in the Quarterly Bulletin and in working papers published by the Bank, as well as in the proceedings of conferences in which members of the staff have participated. Over the past -year, the Bank has published research in the Quarterly Bulletin on a range of subjects including:

- Monetary aggregates: the significance of broad money and the demand for Divisia money.

- Monetary policy strategies: how should central banks reduce inflation, the benefits of low inflation, the significanceof simple monetary policy rules, and international monetary policy co-ordination.

- The differential industrial impact of monetary policy.

- The construction of yield curves for G7 countries and the application of yield curve techniques to recent developments in bond yields.

- Exchange rate behaviour.

- The probability distributions attached by the market to future asset prices, deduced from option prices.

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