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3min chapter
Nicola Willis is breaking from tradition
When the Facts Change
Is the Reserve Bank Really Independent?
The Reserve Bank says it doesn't need an independent inquiry into its monetary policy. The report is written by more junior or middle manager staff at the bank, he says. It's a bit like saying "I'm going to mark my own homework" and then asking your favorite teacher to tell you if they did a good job. That's not meeting the bar for independence, argues Mr Rangarajan.
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