Finally, together with the government, we designed the framework for an independent monetary policy committee, which would take over the setting of policy from the Governor. A committee would bring more minds to bear on policy setting, preserve continuity in case a member had to quit or retire, and be less subject to political pressure, which was why I supported this move strongly. I was the last Governor to set policy individually (albeit with full consultation with my colleagues). The Government nominated its appointees to the monetary policy committee soon after I left office, and my
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