Bank governance structure slammed

AOL Money Staff
Bank of England
Bank of England

The "centralised and hierarchical" governance structure of the Bank of England (BoE) is damaging its effectiveness, according to three independent reports.

Its "vulnerable" forecasting processes also lack detail and have become "noticeably worse" since the onset of the financial crisis, the reviews said. But the central bank was praised for its "effective" actions at the height of the economic collapse.