He was a member of the Reserve Bank Board for most of the time between 1960 and 1975. And before joining the Board, he played a critical role in the debates that shaped the mandate given to the Reserve Bank in 1959. It is six decades now since that mandate was passed by Parliament. It has more than stood the test of time.
From this perspective alone, we have a lot to thank Leslie Melville for. In today's lecture I would like to discuss two issues that Melville had strong opinions on. The first is the appropriate objectives of the central bank. And the second is his view regarding the impossibility of zero interest rates. Both of these issues have echoes in today's discussions of monetary policy.