This is an important assurance of ultimate democratic accountability. And it is a testament to our track record—and to the respect that consecutive governments have shown for the Bank’s independence—that this power has never been exercised. The Board of Directors is another important check and balance.
The Porter Commission provides good advice for legislators and regulators: The future of our financial system remains ever and always dependent on competition and innovation. From monetary policy to economic development What is the role of monetary policy in all of this? In a narrow sense, monetary policy is a user of the financial system.