As part of this effort, Federal Reserve senior officials and staff have been closely watching developments in fintech, evaluating its impact on financial services delivery, and assessing the policy and supervisory implications in this arena. Conclusion Current developments in the digitization of finance, including the establishment of new business models, are important and deserving of serious engagement on the part of policymakers and regulators.
Goal independence refers to the setting of the objectives of monetary policy, while operational independence relates to the implementation of the mandate that is given to the central bank. Globally it is generally, although not exclusively, the case that monetary policy objectives are set by elected representatives of the country. That is how it should be.