A committeebased decision process is, I suggest, likely to produce policy decisions that depart from the prescriptions of benchmark rules. A policy rule prescription is more consistent with a single perspective on the economy than with the pooling of multiple perspectives that is associated with a committee policymaking process.
This assumes that a country has well developed and functioning financial markets, and that the regulatory frameworks exist to ensure that financial institutions operate in a sound fashion. Adequate fiscal policy tools should also exist to incentivise the right course for the private sector.