In other words, a monetary policy committee must not only agree that it can disagree, it must also agree on which way it is okay to disagree. But these differences also contribute to the diversity that leads to better decisions. There is no one who holds the key to the truth with a capital T, and when views and assessments are contrasted with one another there is less risk of bad decisions. There is some support for this in academic research, where one result is that a group of persons who process information and reach their decisions in different ways can outperform even very skilful individuals when it comes to solving complex tasks. 1 One could say that diversification trumps specialisation – it is the differences that create added value. 1  See, for instance, Alan S. Blinder, “Monetary Policy by Committee. Why and How?” European Journal of Political Economy 23 (2007). 6  BIS Review 134/2010
The experience of the financial crisis has taught us that this is important. In closing, I would like to thank the Supervisory Board and the Monetary Policy Committee for their collaboration, and I wish to thank the Central Bank’s many colleagues and collaborators for their cooperation – not least the Prime Minister’s Office, the Ministry of Finance and Economic Affairs, and the Financial Supervisory Authority. I would also like to thank the financial institutions with which the Bank interacts for their cooperation. Furthermore, I would like to thank the Parliament of Iceland, particularly the Economics and Commerce Committee, for their collaboration. And last but certainly not least, I want to thank the staff of the Central Bank for their tirelessness, dedication, and outstanding work in the past ten years. And at this turning point, I would like to extend my sincerest thanks to all of you who have come here today and have attended the Bank’s annual meetings in the past. Central banks can be a force for change, but history and tradition are also strong, and they contribute to strength and steadfastness in the work they do at any given time. It means a great deal to me that here today are two former Governors and other former Central Bank employees have attended the Annual Meeting every year during my term as Governor. Thank you for that. 8