Why Too Much Transparency is a Bad Thing: The WarshReview on Transparency in the BoE’s Monetary PolicyCommittee

Following the review of the Monetary Policy Committee’s (MPC) transparency practices and procedures, the Bank of England today published a report by former Federal Reserve Board Governor Kevin Warsh. Warsh makes five broad recommendations for creating a balance between the demand for greater transparency and the intrinsic defence of genuine deliberation as the foundation for sound policymaking. Cheryl Schonhardt-Bailey finds the report is a novel approach to the conundrum that transparency poses to good public policy in the face of uncertainty.