Would it Matter if the British Chancellor of the Exchequer No Longer Controlled Monetary Policy?
There is some tendency for commentators to claim that global integration of the world’s main financial markets has significantly undermined the ability of the authorities in any one country — always excepting the USA — to maintain sovereign control over its own domestic monetary policy. This argument can be much exaggerated; marginal changes in the limits to the authorities’ ability to determine their own domestic monetary policies are a matter of degree rather than a sea change.
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