Bank of England Monetary Policy Committee Member Taylor: Appropriate policy responses should be alert and strictly disciplined. If energy price fluctuations are mainly relative price shocks, monetary policy should not respond mechanically to them. If inflationary pressure builds up and secondary effects begin to appear, policy assessments will have to be adjusted. Once energy risks have subsided, policies will need to be reversed at some point.

Bank of England Monetary Policy Committee Member Taylor: Appropriate policy responses should be alert and strictly disciplined. If energy price fluctuations are mainly relative price shocks, monetary policy should not respond mechanically to them. If inflationary pressure builds up and secondary effects begin to appear, policy assessments will have to be adjusted. Once energy risks have subsided, policies will need to be reversed at some point.