The reserve banks contribute to policy through their role in the discussions and the number of votes they can cast (five out of a total of twelve) at FOMC meetings. At these meetings no fixed policy proposals are presented in advance, the aim being an open discussion where the various parties reach agreement through mutual persuasion.
This would lead to much worse macroeconomic results over the short and medium term. Going forward, the stance of monetary policy will continue to be adapted on the basis of the primary objective of price stability – a rate of inflation close but less than 2%.