Should central bankers argue in public?

Bank of England (BoE) policymakers were, meanwhile, sitting as comfortably as could be expected given the circumstances. On August 1st they had voted to cut rates from 5.25% to 5%. What at first glance may appear a straightforward story of better judgment in fact reveals deeper truths about how monetary policy is set. The BoE’s decision was made by the barest of margins. Five doveish members outvoted four more hawkish colleagues, who wanted to hold firm. The Fed, which puts far more value on consensus, would be unlikely to see such a split. In many other countries, it would be impossible: monetary policymakers debate behind closed doors and then present a united front in public.