For example, does it matter whether there is a single governor or a committee; whether there are outsiders as well as insiders on the committee; whether there is individual or collective responsibility for the decisions of the committee; and whether  BIS Review 43/2001  1  the committee is made up only of centralized members or also includes regional representatives?
Does the effectiveness of policy depend on the central bank's skill in communicating the intent behind its policy and the future direction of policy and, therefore, on the transparency of the process itself? Does the effectiveness of the policy depend on the instrument independence of the central banks as well as the overall relationship between the central bank and the rest of government?