do a good job. in the event, the incoming government did not need the intermediate stage of an advisory committee. it created the mpc. the appointment to the committee of four outside experts ensured that daylight would be brought into the bank, and underlined the architectural role of democratically elected ministers. 21 it also meant that the committee would reach its decisions on a “ one person / one vote ” basis, with that going for the five bank executive members too. thus, a whole chapter of lord roll ’ s pamphlet on the case for independence was devoted to solutions to this problem. “ independent and accountable : a new mandate for the bank of england ”, report of an independent panel chaired by eric roll, centre for economic policy research, 1993. in another example, ulrich kohli has discussed how the snb ’ s consensual approach to monetary policy making is “ to do with ” the culture flowing from switzerland ’ s multi - cantonal federal political structure. see kohli, u., 2005, comment on “ the monetary policy committee and the incentive problem : a selective survey ” by fujiki, h., at conference on “ incentive mechanisms for economic policymakers ”, institute for monetary and economic studies, bank of japan, may. the parallel with the judiciary was made in the early 1990s in a speech by governor leigh - pemberton, drawing on work by ralph dahrendorf. see transcript of interview on 1 may 2007 of mervyn king by c. giles and s. daneshku for the the financial times on the occasion of the 10th anniversary of the bank of england ’ s operational independence ( published 11 may 2007 ) ; and transcript of interview on 30 march 2007 of lord george by c. giles and s. daneshku for the the financial times on the occasion of the 10th anniversary of the bank of england ’ s operational independence ( published 4 may 2007 ). as a further gloss on that piece of history, i should perhaps disclose that, working to eddie, mervyn and the then dg, howard davies, i was the bank official who “ held the pen ” during that work. as stated in balls, e and g. o ’ donnell, 2002, reforming britain ’ s economic and financial policy, “ the role of the chancellor in appointing the four outsiders was part of the delicate constitutional balance that was struck in a move towards a legitimate model of central bank independence consistent with british - style accountability to parliament. ” ( page 99 ) this

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