One might even argue that if a central bank ever converged on a single monetary rule, there would be no need for a monetary policy committee. In practice, the Fed operates through a committee structure and considers the recommendations of a variety of monetary rules as we make monetary policy decisions.
José Manuel González-Páramo: Managing risk – the role of the central bank in a financial crisis Speech by Mr José Manuel González-Páramo, Member of the Executive Board of the European Central Bank, at Risk Europe 2009, Frankfurt am Main, 4 June 2009. * 1.