I turn now to an institution that is proving successful in sustaining this rule:
an independent central bank. Members of this organization have a vested
interest in following this rule, for if it is not followed, they would incur the
risk that they would suffer in the future. If inflation has been excessive and a
new administration is elected, people in the organization will be replaced
and the size of the central bank cut. Thus, members of this organization have a
vested interest in the rule being followed