Rules and how to mend them

Much of this issue of Central Banking is taken up with a theme familiar to all central bankers - finding the right balance between rules and discretion. This is one of those debates on which people take sides probably more by instinct or built-in prejudice than by a process of reasoning. Our preference
- a healthy prejudice, we think - is to favour rules wherever possible over discretion. This preference flows essentially from the classic liberal argument for a government of laws over a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: