There are various mechanisms to ensure the bank acts in a considered and rigorous manner. It is accountable for its actions. Its goals are set by Parliament and if it misses its inflation target, the governor has to write a letter to the chancellor of the exchequer, Britain’s finance minister, explaining why. Decisions on interest rates are made by a committee, which includes academics and economists from outside the institution—a way of avoiding groupthink. At least one member of the committee has dissented at around half of all meetings.