The former MPC members are now urging the Bank to consider the use of quantitative easing - creating money to buy assets - as a tool for ensuring economic stability.
The Bank has already begun drawing from the Asset Purchase Facility - a government-authorised fund - to buy high-quality corporate debt and similar assets.
Dr DeAnne Julius told the BBC: "We are clearly at the end of monetary policy as we know it."
The launch of the new forum comes ahead of Wednesday's publication of the Bank of England's latest quarterly inflation report.
In the US, the Federal Reserve has already reduced interest rates to near zero and is expanding its purchase of assets.
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