First, let us be clear as to what “having control” over one’s own monetary policy actually means. When people talk about an independent or autonomous monetary policy, they often take it to mean the ability of a central bank to set domestic interest rates without being influenced by BIS Review 49/1998  -2-  developments outside national borders.
This is not realistic - unless of course a country is completely cut off from the rest of the world! The moment a country wants to make use of foreign savings, or invest a portion of its domestic savings abroad, a link between domestic and foreign interest rates is inevitable.