To make this happen, the appropriate state policy was not to set the conditions of investment or to manipulate the level of prices via monetary stimulus, as the Keynesians argued. Instead, given its concern with limiting private power, competition policy, supported by the monetary policy of a politically independent central bank, formed the institutional core of the economic constitution. A dedicated monopoly office would ensure that the economy as a whole conformed to the meta-rules of competition, while an independent monetary authority would play the supporting role of keeping prices stable. Both institutions would be separate from and would not directly answer to the parliamentary state.

Mark Blyth, Austerity, loc. 364