Awkward birth for Bank of England's financial policy committee

Is the financial policy committee (FPC) – the body established at the Bank of England to spot risks in financial markets – jinxed? It took an age to find external members. Then one of the selections, Sir Richard Lambert, dropped out . Now the Treasury select committee has pointed out that Alastair Clark, another appointee, worked at the Bank for years so may not be perceived as independent; it thinks a fifth external member is therefore required. For good measure, it adds that Michael Cohrs should reconsider his "apparent reticence" about speaking out about his work on the FPC. It's an awkward birth for the FPC, which is supposed to carry as much clout as the monetary policy committee. The damage can be repaired if the Bank presents a clear vision this month of how the body will operate. At the very least that will require a statement about the format for the published minutes. Even at this late stage, however, that thorny subject does not appear to be settled. Hurry up.