The decision made in 1997 by Gordon Brown, Britain's chancellor, to remove interest-rate decisions from political control and hand the power over to the Bank of England has immensely boosted the credibility of British monetary policy.

ECONOMIST: Inflation

It will hold a titanium grip on trading in interest rate futures and indexes, and a firm control over the markets for agricultural and other commodities.

FORBES: The $25 Billion Gorilla

The central bank last Thursday kept its interest rate unchanged and said it was confident inflation was under control.

WSJ: Indonesian Boom Starts to Stall

But what the Fed is trying to do is say, what's the core rate of inflation that we can actually control with interest rates?

NPR: Doing the Math on Inflation Figures

India's economy is projected to have grown just 5.0% last fiscal year, slower than the 9% expansion it was averaging just before the global financial crisis, hurt by the steep interest-rate increases by the central bank in 2010 and 2011 to control inflation.

WSJ: India Inflation Slows to Below 5%

And the worst kind of meddling, Hayek thought, came in the government's determination to control the price of money - also known as the interest rate.

BBC: Masters of Money: Friedrich Hayek

Stocks could be hit by widely expected interest rate rises in the US, the UK and Europe, as central banks try to control the risk of a flare-up of inflation.

BBC: More

Interest rate fluctuation has worked to make money artificially cheap in certain periods since the Fed inherited total control of monetary policy in 1971 after the dollar was delinked from gold.

FORBES: Debt-Free Firms Have The Edge With Rates Going Up

So there is no reason to think that setting a low interest rate for remuneration of reserves (or indeed a zero rate) will lead to the Fed losing control of inflation.

FORBES: Is the Fed Going to Go Bust?