However, the majority of central banks currently make use of the system where a committee or members of a board decide monetary policy. The Bank's policy decisions are made through a majority vote of the nine members of the Policy Board, which I believe is an excellent method.
This makes it possible for Policy Board members, who share the common objective of contributing to the sound development of the national economy through price stability, to reach the right decisions based on the pool of knowledge and learning of the constituent members. It makes for better decisions and contributes to satisfactory conduct of monetary policy. 2  BIS Review 19/2003  III.