The Federal Reserve was created as an independent agency, and a broad consensus has emerged among policymakers, academics, and other informed observers around the world that better overall economic performance is achieved when the conduct of monetary policy is free from political control.10 Of course, we are accountable to the Congress and the American people.
It is always pleasing to see a new bank join the financial sector in Fiji. Over the years we have seen several banks come and go. This of course is a commercial reality. I am particularly glad that the new entrant that we are welcoming today is a strong regional bank.