Lets Democratise Monetary Policy Making

The Hindu Businessline

There’s an irony here. Elected representatives such as the Prime Minister in India or President in the US who are vested with the responsibility to deliver employment and growth, and control prices face so many constraints — constitution, parliament, aggressive opposition and ex-post scrutiny by the CAG, PAC, CBI, etc. But there no such fetters for the unelected monetary monarchs — be it the head of the US Fed or the RBI.


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