It is quite right that the Bank of England's top officials should face public questioning over how they have handled the current crisis.

When the storm in the credit markets first broke a month ago, shortly after the Inflation Report press conference, the Bank's dignified decision not to comment seemed justified.

Who knew whether this might be a one-week wonder, the sort of storm in a teacup that market watchers have seen so many times? Better to let the Bank's shiny new system for market intervention, which centres on a penal emergency direct lending window for anyone who needs liquidity, to deal with any little difficulties that emerged. There was no need to make a statement at that stage.

The Old Lady of Threadneedle Street (age: 313) kept her powder dry while the jejune European Central Bank (age: 9) and the sprightly US Federal Reserve (93) threw billions of short-term loans into a market that was seizing up. Whereof there was nothing to speak, thereof she remained silent.

But this crisis has gone on for weeks and become steadily worse: first the overnight lending rate, and now the benchmark interbank lending rate for three-month debt have become hopelessly infected with the malaise. Banks are refusing to lend to one another. The longer it goes on, the less confidence the City has that the Bank is really on top of matters.

Mr King wants to avoid "moral hazard". But he is going too far. Moral hazard would mean holding emergency meetings and cutting interest rates. Does it really apply to making occasional statements outside the normal calendar? Surely not.

The Bank has the perfect opportunity to confront this crisis head on. Tomorrow, its Monetary Policy Committee begins its two-day meeting.

At the end of each meeting, the MPC used to put out a short statement to the markets explaining why it had made its decision. A few years ago, however, it decided only to make a full statement if it changed rates.

A decision to leave rates unchanged this month is a dead cert. But nonetheless, there is nothing stopping the Bank from publishing a full statement on Thursday at noon.

The MPC should spend its time discussing current conditions, and work out how to explain its approach to one of the worst crises the Bank has faced since independence.

But if it maintains its omerta, the Bank will have only itself to blame should the MPs on the Commons Treasury Committee seek to haul it over the coals on September 20.

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