Transparency is the watchword for monetary policy, and greater openness the hallmark of the modern central bank. Before it was fashionable, the Bank of England (Bank) was an early pioneer in the pursuit of transparency. In 1993, the institution became the first among its peers to publish an inflation report. The Bank renewed its transparency efforts after it was granted operational independence from Her Majesty’s Government in 1997. The newly created Monetary Policy Committee (MPC) was determined to build a strong public constituency in support of its price stability mandate.