In short, having lost their ability to control their monetary policy, voters may have to lose control over their fiscal policies as well.
Ironically, Brown has been credited with much of the success of Britain under Blair: a stable economy, low unemployment and a monetary policy free of political control.
Inflation was believed to be driven largely by non-monetary factors, and most people believed that if you tried to control inflation using monetary policy, the primary effect would be to throw a lot of people out of work.
This election will test whether there is a political price to be paid for the economically impeccable decision to hand control of monetary policy to an independent central bank.
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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.
The single currency has deprived its members of any independent control over monetary policy or the exchange rate, so the burden of any necessary response to a recession falls more on fiscal policy.
Even if Britons could be sold on the narrower issue of economic benefit, they are more likely than most Europeans to see national control over monetary policy as indivisible from other kinds of sovereignty.
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That he is prepared to contemplate such a significant weakening of the concept of price stability suggests that Mr. King fears politicians are already well on their way to "repatriating" control over monetary policy.
Even so, China could still introduce some flexibility into its exchange rate, and so regain control of monetary policy, by adopting a wider band or by pegging to a currency basket rather than just to the dollar.
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The best thing this chancellor of the exchequer did and most likely ever will do was his very first act as finance minister: he gave the Bank of England a huge piece of his job, in the form of operational control of monetary policy.
Gordon Brown's New Deal, his Working Families Tax Credit and perhaps even his decision to give the Bank of England independent control of monetary policy owe a good deal to ideas the chancellor and his economic adviser, Ed Balls, picked up and kicked about in Washington and Harvard.
To regain control over its monetary policy, China needs a more flexible exchange rate.
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Nor can they combine tighter fiscal policy with loose monetary policy, because they do not control the latter.
It would also give China more control over its monetary policy.
The ECB president said that if high sovereign yields hurt the transmission channels for monetary policy, keeping risk premiums under control would come within the bank's mandate.
It would help China regain control of its monetary policy.
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Nor does it take into account the Scottish government's proposal that Scotland should use the pound, but at least majority control of its monetary policy should be in London.
None of them could possibly gauge the gains that the currency might bring through the simplification of transactions against the future losses Denmark might suffer from losing control of its monetary policy.
The bill for payroll and pensions has risen far faster than inflation in recent years, with the task of keeping inflation under control left entirely to monetary policy.
"The BOJ's commitment to adopt 'monetary base control' clearly is a strong message to the markets about enhancement of the monetary policy, in terms of both working on asset prices and controlling market inflation expectations, " Nishioka added.
The greenback got a bit of a boost early in the session after Bank of Japan Governor Haruhiko Kuroda gave some clues on how the approach to monetary policy at the central bank might change under his control.
Gold bugs see reckless monetary and fiscal policy leading to plummeting currency values and out of control global inflation.
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The government of China has been tightening its monetary policy to cool real estate prices within a larger objective to control inflation.
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With inflation now under control, China is stocked with other possible monetary policy actions to help growth in 2012, as opposed to the central banks of the U.S., Europe and England, which have run empty.
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Because it does not control its own interest rates or money printing (monetary policy), the Greek government is at the mercy of the European Central Bank.
If the markets start to believe a country's deficit is out of control they will force its bond yields sharply higher, in effect tightening monetary policy.
Because Europe's governments have signed away national control of interest rates, fiscal policy is the only tool to hand if the single monetary policy leaves their economies growing more slowly than they might, or faster than they can sustain without pressure on wages and property prices.
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.
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