Morgan Stanley's Roach on central bank independence

The last two decades have been characterised as an age in which monetary authorities have won increasing independence from their parliaments. For Stephen Roach, the chairman of Morgan Stanley Asia, a bank, they have frittered this new-found power.

On the sidelines of a conference to celebrate Bank Negara Malaysia's 50th anniversary, Roach tells "Alan Greenspan wrote in his own memoirs that central bankers are not as politically independent as we'd like them to be, that during