Insider. So many facts wrong. Logic also wrong. Do you work as a private banker or something? 1) ministries do not report to PSD you moron. PSD is in charge of civil servant deployment in a hr and training capacity across all ministries, but thts not the same thing as saying that ministries are 'accountable' to PSD. What a laughable idea!

2) You're absolutely right. MAS does not set fiscal policy. Neither does DBS. Nor GIC. You know why? By definition, only MOF can set fiscal policy - as rightly should be the case. This in no way explains your assertion that MOF is superior to MAS or any other organization for that matter. By that logic MEWR is better than Mindef bec they control water resources and god knows we all need water. MAS sets monetary policy. Mof doesnt. Does that mean MOF is inferior? Of course not. But at least say something abt the relative importance of either fiscal or monetary policy to express your view.