A Private Committee for Monetary Reform: Process and Substance

In this article, Ip ropose establishing ap rivate Committee for Monetary Reform (CMR), outline ap rocess for advancing fundamental reform, and suggest what the substance of that reform might look like. Obviously, Ic annot provide the exact details of the reform, or there would no point in having ap rocess; the outcome would be preordained. The choice of ap rocess is important, however, because the process will affect the outcome. If irst discuss how the process could work by drawing on the experience of the Shadow Open Market Committe e( SOMC) founded in 1973 by Karl Brunner and Allan Meltzer. Second, Ib riefly review the case for monetary reform. Third, Ip ropose some guiding principles for monetary reform. Fourth, Id iscuss the process in more detail.