Achieving Consistency in Policy while Encouraging Open Debate

  • Robert L. Hetzel
Part of the ZEI Studies in European Economics and Law book series (ZEIS, volume 1)


How can the ESCB avoid the extremes on one hand of decision making by committee, where at each meeting of the Monetary Policy Committee (MPC) everything is “up for grabs,” and on the other hand of the leadership of a strong man, who dictates policy?


Interest Rate Monetary Policy Central Bank Executive Committee Inflation Target 
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  1. Von Hagen, Jürgen. (1998) “Money growth targeting.” Center for European Integration Studies.Google Scholar

Copyright information

© Springer Science+Business Media New York 2000

Authors and Affiliations

  • Robert L. Hetzel
    • 1
  1. 1.Federal Reserve Bank of RichmondUSA

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