Williams states central banks must own responsibility for price stability with independence and capability to deliver.
“Central banks must own the responsibility to deliver price stability and have the independence of action and the ability to achieve it.”
Williams describes how diffused accountability means no single person makes a bad decision, yet the system fails.
“Later, when the risk materializes, we conduct a review and find that no single person made a bad decision. Instead, the system as a whole failed to “see” the risk clearly.”