Abstract
since monetary policy was effectively determined by the actions of the Bundesbank. Now, with the UK's with drawal from the EMS and no immediate prospect of any return, the question has again returned to the policy agenda. In fact, the arguments used to justify such a delegation of responsibility are closely related to those originally associated with the decision to join the EMS itself; that monetary policy should be controlled by an authority with a strong aversion to inflation and a repu tation for sticking to its announced policy. It has been argued that an independent Bank of England would offer precisely these advantages without compromising the domestic (ie UK) objectives which were overridden by the Bundesbank.
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