Job security is often seen as one of the perks of being a central bank governor – in advanced economies, at least. Often appointed for long terms that do not coincide with the electoral cycle and steering institutions that are operationally independent, the heads of central banks have been able to ‘relax’ in the knowledge that only egregious behaviour on their part might trigger their removal.

Not anymore. Central bank officials are now being blamed – by economists, pundits and, increasingly, by