Independence helped Bank of Mexico stave off financial crisis, Bernanke says
Bank of Mexico's "strong countercyclical policy actions" during the financial crisis would not have been feasible 20 years ago, when the central bank was typically forced to respond to a crisis by raising, rather than cutting, interest rates to stem capital flight, exchange rate depreciation and higher inflation, Federal Reserve chairman Ben Bernanke said yesterday during a conference in Mexico City.
Singling out central bank independence – Bank of Mexico was granted policy autonomy in 1993 – as
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