Central Banks and the Revenge of Politics
In recent decades, central banks have enjoyed high prestige as guarantors of economic stability – a reputation bolstered after their resolute action in the wake of the 2008 global financial crisis prevented a repeat of the Great Depression. That may be about to backfire – with serious implications for central-bank independence.
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FRANKFURT – The reputation of central banks has always had its ups and downs. For years, central banks’ prestige has been almost unprecedentedly high. But a correction now seems inevitable, with central-bank independence becoming a key casualty.