Crisis reports recommend more action by Bank of England

The Bank of England should open up to a broader range of views while preparing inflation and growth forecasts and clarifying the role of its key policy-setting committees, according to three independent reviews of the central bank's operations.

Just five weeks ahead of the appointment of a new governor, the reviews of the BoE's forecasting capabilities, its liquidity framework and its provision of emergency assistance gave a list of improvements for the institution, which would get far-reaching powers as the top financial regulator in the country in 2013.

Bank governor Mervyn King and his deputies signalling support for several of the suggestions pledged to evaluate the recommendations and plan changes.

The head of Britain's influential Treasury Committee in parliament reiterated his call for a wider review of the central bank's role during the crisis.

According to Andrew Tyrie, the decision to commission the reviews fell much short of what was required.

All three independent reviewers were able to get broad access to the bank records and conducted interviews with staff, policymakers and officials from the finance ministry and other central banks.