Do voters have a say in the implementation of monetary policy?

Question

I am working on an essay for economics and need some input, thank you.

Answer 1

No. Monetary policy deals with the production and management of currency. It is decided by people we don't elect. We would have to elect people who would vote against the policy that is happening. No elected official does what we want them to all of the time.

With the current system it would take a lot of steam to do anything. Theoretically Voters have control over EVERYTHING but realistically no.

That is as silly as saying "who wants interest rate increases raise your hand."

Answer 2

This depends on the country involved.

In the US, the voters have a very indirect say, because monetary policy has largely been delegated to the Federal Reserve System. However, Congress constitutionally retains the power to to coin and print money (Article I, Section 8), and could disband or limit the Federal Reserve if they so chose.

The President is also responsible for appointing the 7 members of Board of Governors, and the Chairman, and the Senate confirms them - this gives the President and Senate a chance to affect the policy by appointing and confirming the people who lead the system. They could also apply political pressure or informal pressure upon the Reserve for various reasons, although this would defeat the purpose of an independent reserve, and is rarely (if ever) done.