00:00Every advanced economy democracy in the world has come around.
00:05It's just an institutional arrangement that is
00:10to serve the people well, and that is to have a separation between
00:15and to not have direct elected official control over the setting of
00:20monetary policy.
00:21And the reason is that monetary policy can be used, you know,
00:25through an election cycle to affect the economy in a way that will be
00:28politically worthwhile.
00:29So
00:30And I think if you lose that, first of all, it will be hard to restore the credibility.
00:35of the institution if people lose their faith that we're making
00:40decisions, you know, only on the basis of our assessment.
00:45of what's best for everyone, for the wide public,
00:48rather than trying to benefit one group or another.
00:50If you lose that, it's going to be hard to retain it.
00:53And we haven't lost it.
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