Urjit Patel Quotes

The principle that a central bank, charged with controlling inflation, should be independent from the government is unassailable. It may also be true that it's easier for the central bank to guard its independence from political pressure when it mainly holds government securities.

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.

We made a decision that monetary policy will be made by an independent European Central Bank.

There's no other job in public life that is like chairman of the Fed.

I’ve always been a little nervous about the Fed. Quite frankly, I’m a little nervous about the degree of their independence.

I will be the first to say that it is always difficult to get monetary policy just right. But the Fed's analytical prowess is top-notch, and our forecasting record is second to none.

The central bank needs to be able to make policy without short term political concerns.

The Fed needs an approach that consolidates the gains of the Greenspan years and ensures that those successful policies will continue - even if future Fed chairmen are less skillful or less committed to price stability than Mr. Greenspan has been.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

The Fed's independence is critical.

I don't have any influence over the Fed [Federal Reserve System], none at all. It's carefully isolated from any influence by the President or Congress.

The country needed someone credible to fight inflation and Volker was the man for the job…. He understood that the government had to establish credibility in order to give policy makers flexibility when they needed it.

For the first time the committee [Federal Reserve] was using communication — mere words — as its primary monetary policy tool.

It is the central bank governor, unlike other regulators or government secretaries, who has command over significant policy levers and has to occasionally disagree with the most powerful people in the country.

I don't want Congress setting monetary policy.

I believe that being in a position, as a central bank, to influence economic growth does not mean losing independence.

Government should eschew suasion and directives to banks on interest rates that run counter to monetary policy actions.

Janet Yellen at the FED is equivalent to having a biology schoolteacher who has never seen blood perform brain surgery.

In the United States we have, in effect, two governments ... We have the duly constituted Government ... Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.

In the past, Federal Reserve chairmen have not generally gone directly to the public.

The job of the Central Bank is to worry.

The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

It's a technical, fairly difficult job that has no particular political connotations, so I doubt there are any big campaign contributors dying to be on the Fed. And remember, it doesn't pay very well, certainly by Republican standards.