LONDON (AFX) - Bank of England deputy governor Mervyn King denied that the Monetary Policy Committee members have "a systematic bias" towards undershooting their inflation target of 2.5 pct. King was countering criticism by Treasury Select Committee members of the fact that the bank has undershot the target for 22 consecutive months. BoE governor Eddie George rejected suggestions by Select Committee members that the MPC took a short-term view in setting interest rates. "If we were simply to respond to what was happening outside the window ... then I don't think that would be a sensible way to run policy," George said. He said the MPC looked at a balance of risk when determining rates.