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Massive changes in monetary policy in the United States and the United Kingdom have occurred since the middle of March, when the seriousness of the coronavirus epidemic was becoming apparent. The changes have not been fully explained by either central bank, let alone justified.
The Bank of England is proud of its independence, which since 1997 has allowed it to determine, without interference, the prevailing level of short-term interest rates in pursuit of price stability. Since 2009, it has, however, changed interest rates only once.
Newly-qualified doctors are required to swear the Hippocratic Oath before they can practice. Should members of the Monetary Policy Committee not do likewise? Doctors need to have some idea of how the body works, but they know that there is a lot they don’t know, and they need to be wise and humble enough to know the limits of their understanding.