Can Truss Be Trusted with the Bank of England?
Liz Truss, vying to succeed Boris Johnson as the United Kingdom’s prime minister, is addressing the central-banking part of Britain’s macroeconomic problem honestly. But whether a Truss government would have the courage to follow through on fiscal consolidation remains to be seen.
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PRINCETON – The Conservative Party contest to succeed Boris Johnson as prime minister of the United Kingdom has touched on a principal component of modern political economy: central banks. Monetary policymakers, who in the 2010s could seemingly do no wrong, are increasingly under fire. All the old rhetoric about their illegitimate influence is returning to the fore.