While people are weak in that they are likely to be influenced by short-term interests, they are also equipped with wisdom that allows them to establish a system in advance to avoid a situation that is undesirable from a medium- to long-term perspective.
This is the conception of central bank independence, which entrusts the conduct of monetary policy to an organization that makes judgments based on expertise from a medium- to long-term perspective.6 Of course, there is no all-encompassing  6  For the legal issues on central bank independence, see "Kohotekikanten kara mita Nippon Ginko no Gyomu no Hotekiseikaku to Un'ei no arikata (Legal Characteristics and Operation of the Business of the Bank of Japan from the Viewpoint of Public Law)" (September 2009, contained in Kin'yu Kenkyu [Monetary and Economic Studies], Vol.