Speech By Federal Reserve Vice Chairman Stanley Fischer At The 2017 U.S. Monetary Policy Forum, Sponsored By The Initiative On Global Markets At The University Of Chicago Booth School Of Business, New York, New York, March 3, 2017, Monetary Policy: By Rule, By Committee, Or By Both?

In recent years, reforms in the monetary policy decisionmaking process in central banks have been in the direction of an increasing number of monetary policy committees and fewer single decisionmakers‑‑the lone governor model.¹ We are only a few months away from the 20th anniversary of the introduction of the Bank of England's Monetary Policy Committee, just a few years after the 300th birthday of the venerable Old Lady of Threadneedle Street. The Bank of Israel moved from a single policymaker to a monetary policy committee in 2010, while I was governor there; more recently, central banks in India and New Zealand have handed over monetary policy to committees.