Bernanke, who headed the Fed during the Global Financial Crisis, has today (12 April) published his independent review of the BoE’s forecasting, decision-making and communications approach and set out 12 recommendations. 
In a 86-page report, Bernanke outlined a set of deficiencies in the Bank’s forecasting infrastructure, which are the tools staff uses to produce its quarterly forecast and support analyses. 
He said key software is out of date and lacking “important” functionality due to a “material degree of underinvestment”, which he attributed to short-term pressures faced by staf…