a)  Interest rate policy – the Monetary Committee  In most countries decisions on the interest rate are made by a monetary committee that operates in the central bank. Generally the monetary committee has some members from outside the central bank and some from within, with the governor of the bank heading the committee.
Even so, the greater supply of government bonds has in periods caused investors to be more selective and some DMOs have found it difficult to obtain sufficient demand at auctions and when issuing syndicated loans. Especially in the latter part of 2008 and the beginning of 2009, DMOs paid a concession premium in order to attract investors.