Monetary policy is the process by which a country (via its central bank) manages its money supply and influences interest rates to achieve broad economic goals. When people think about monetary policy, they typically envision central banks, policymakers, and politicians making adjustments and managing the system. But what if monetary policy didn’t need central planners at all? What if it could run autonomously via an algorithm, all while being transparent, impartial, and decentralized? That is exactly what Ampleforth represents: A decentralized monetary system. Algorithmic supply adjustments instead of human intervention. Governance without politicians or central planners. In traditional financial systems, monetary policy is wielded by only a handful of individuals, namely at a country’s central bank (like the US Federal Reserve). These decisions made by central banks regarding inflation, interest rates, or changes in the money supply often carry a political bias that benefits some groups at the expense of others. Ampleforth encodes its monetary rules directly and transparently into smart contracts. The result? Anyone can see the Ampleforth protocol’s monetary parameters, making the system permissionless and predictable. Ampleforth’s unit of account, $AMPL, remains highly dependable, regardless of market conditions, and thus the system naturally creates a stable monetary foundation for more advanced financial activities and assets to emerge (such as $SPOT). It’s paradoxical but powerful: a “decentralized central bank”. Overall, Ampleforth shows us that monetary policy can be neutral, decentralized, and open to all.