Was discretion best in the conduct of monetary policy, or should some sort of rule be employed? The 1970s and early 1980s provided important real data and experience in the resolution of these questions.
First of all, no department attempted to report to the CSO bottlenecks they were experiencing in carrying out some tasks. As such, some tasks were cancelled or deferred without drawing the attention of the SPC or management. Clearly, this is contrary to what was agreed.