Paul Fisher, the executive director for markets at the Bank of England, said on Tuesday that although economic models were essential for monetary policy decision-making, they are not a universal solution.

At the Global Borrowers and Investors Forum in London, Fisher said: "At its heart, a model – any model – is just a framework for thinking about an issue, be it how the economy reacts to different shocks, how the setup of a car might affect the way it handles a corner, or how a disease might