He confirmed his intention to end elections for the shadow cabinet and to put ideas from local communities in front of Labour's national policy-setting body.

Mr. Greenspan has the authority to raise or lower rates on his own between meetings, without a vote from the Federal Open Market Committee, the Fed's 12-member policy-setting body.

And, some say his demanding and frequently autocratic style resulted in high staff turnover and often turned the five-member commission into more of a rubber stamp than an independent policy-setting body.

The central bank's main policy-setting body, the Open Market Committee, meets on Tuesday to plot strategy through mid-December.

The interest rate rise was approved at today's regularly scheduled meeting of the Bundesbank's policy-setting body, the central bank council.

Indeed, the Federal Reserve itself, in a survey of the economy issued earlier this week for the next meeting of its main policy-setting body on Nov. 1, found little source for concern.

Each team offered a 15-minute presentation before a three-judge panel in a mock meeting of the Federal Reserve's policy-setting body.

The survey published today was in anticipation of the next meeting, on Dec. 18-19, of the Fed's Open Market Committee, the central bank's main policy-setting body.

The SRA is the MSU's highest policy-setting body and has the sole authority to approve and modify legislation and elect officers other than the President.

Mr. Parry is a voting member of the Federal Open Market Committee, the Federal Reserve's policy-setting body, which is to meet on July 1 and 2.