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

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