Would it Matter if the British Chancellor of the Exchequer No Longer Controlled Monetary Policy?

  • Charles Goodhart


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.


Exchange Rate Interest Rate Monetary Policy Exchange Rate Regime Monetary Authority 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. 2.
    Barry Eichengreen, ‘Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System’, in Canzoneri, Grilli and Masson, eds, Establishing a Central Bank in Europe and Lessons from the US (Cambridge: Cambridge University Press. 1992).Google Scholar

Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 1996

Authors and Affiliations

  • Charles Goodhart

There are no affiliations available

Personalised recommendations