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The European Central Bank removed governments' ability to set interest rates, and therefore to pursue short term political gains at the cost of inflation.
We're not going to eliminate the Fed's ability to set interest rates, nor do we want to stop having capital requirements for financial institutions.
But Messrs Bordo and James reckon that countries in regimes like the euro and the gold standard may not just be sacrificing their ability to set interest rates; they may also be forsaking financial stability and even undermining democracy.Start with monetary independence.
Colombia pursues an independent monetary policy -- the ability to set interest rates -- and free capital flow -- handling of foreign currency reserves -- therefore having a floating exchange rate system.
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But Germany has strongly opposed setting up new institutions that it fears could give too much power to countries with a looser approach to spending or that could compromise the ability of the European Central Bank to set interest rates independently.
The Federal Reserve will meet May 16 to set interest rates.
Efforts to set interest rates, revamp health insurance, privatize Social Security, revise pensions, police the sale of securities and alter legal liability rules rely to some degree on economists' ability to make reliable predictions about the choices people will make.
There is a more effective way to set interest rates.
A simple graphical user interface (GUI) capable of providing intuitive and rapid control over major camera parameters (e.g. ability to set spatial binning, frame rates, regions of interest, etc).
TPP -- negotiated by giant corporate interests -- appears set to give giant corporations a veto over a country's ability to set many laws and regulations that are designed to reign in those corporations.
Their gardening partnership hinges on the ability to set boundaries.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com