For the most part, the Report of the Radcliffe Committee has had rather a mixed reception. The disappointment springs both from the Committee’s apparent disinclination to give a clear lead on many important issues and from the lack of clarity in some of its argument. Whether one is looking for a prescription of reform or no more than text-book analysis, it would seem that an opportunity has been missed. The loss is the greater because Committees of inquiry into monetary matters are so rarely appointed—this is the first such investigation for nearly thirty years.