Monetary Policy Committee

The European Central Bank is taking part in a hearing of the European Parliament's Committee on Economic and Monetary Affairs, where lawmakers question central bank officials on monetary policy, inflation and eurozone financial stability. Such hearings are a regular part of the ECB's accountability to the Parliament, giving MEPs a chance to scrutinise decisions affecting the euro area economy.

Catherine Mann, an external member of the Bank of England's Monetary Policy Committee, said at a McKinsey panel that persistent above-target inflation poses a problem for central bank credibility. Her remarks underline concern among policymakers that failing to return inflation to target quickly could erode public trust in monetary policy.