Monetary policy is not fit for purpose (opens in new tab)

I have said this many times – monetary policy is not fit for purpose and central banks should be prevented from having discretionary powers to alter rates at will. There are two levels of justification for that assertion. First, at the ideological level, a major (dominant under neoliberalism) arm of macroeconomic policy should not be outsourced to an unelected, unaccountable body of technocrats. This subverts the operation of democracies by allowing elected officials to depoliticise policy se...