Sir Mervyn King, the Governor of the Bank of England, and his deputies have been accused of "closing ranks" against external members of its interest rate setting panel on key decisions, including quantitative easing. Adam Posen, who stepped down from the Bank’s Monetary Policy Committee (MPC) last summer, attacked the excessive power wielded by the governor and his executive team, claiming it silenced all opposition and went unchallenged by the Treasury and the Bank’s supervisory panel, known as the Court. This, coupled with “lax” supervision, meant that there was often “no point” in questioning decisions made by ... (full story)