at Bank Rate.  That decision is a monetary policy decision par excellence.  It can therefore be taken only by the MPC.  They should have set the rate on excess reserves at -0.5% at the last MPC meeting.  Having failed to do that, they now should do it at the next meeting, or earlier if possible. Maverecon: Willem Buiter Willem Buiter's blog ran until December 2009. This blog is no longer active but it remains open as an archive. Professor of European Political Economy, London School of Economics and Political Science; former chief economist of the EBRD, former external member of the MPC; adviser to international organisations, governments, central banks and private financial institutions. Maverecon: a guide Comment: To comment, please register with FT.com, which you can do for free here . Please also read our comments policy here. Contact: You can write to Willem by using the email addresses shown on his website. Time: UK time is shown on posts. Follow: Links to the blog's Twitter and RSS feeds are at the top of the page. You can also read Maverecon on your mobile device, by going to www.ft.com/maverecon