In this speech(1) the Governor described the United Kingdom's present monetary policy framework, compared it with previous arrangements, and explained the rationale behind the pursuit of consistently low inflation, noting the United Kingdom's recent strong macroeconomic performance. He elaborated the benefits of delegating the technicalities of setting interest rates to independent experts, and stressed the importance of a sound framework of accountability and transparency. The Governor acknowledged that despite its overall stability, the UK economy suffered from imbalances, particularly between its externally exposed and domestic sectors. He explained the MPC's decision to bolster domestic demand to offset external weakness, in line with the view that unbalanced growth was better than no growth at all. Looking forward, the Governor anticipated global recovery and a moderation of domestic demand leading to better-balanced UK growth in 2002, with inflation remaining around target