Clipping central bankers’ wings

The European Central Bank (ECB) is the world's most independent central bank: its operational independence is enshrined in the treaty establishing the European Community and can only be amended through a treaty revision requiring the unanimous consent of the member states of the European Union. The ECB also sets its own operational objectives. The treaty does not specify a numerical inflation target, nor does it spell out which institution should set such a target, if there were to be one. In pr

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