Politicians’ itch to interfere

Anybody who thought that the advent of central bank independence would put an end to political interference in central bank decision-making was probably being exceptionally naïve. Central banks can no more escape political pressures than can any other institution charged with making key decisions in a democracy. The granting of operational independence, even where bolstered by legal or constitutional safeguards, could only provide a breakwater, protecting central banks to some extent from the st

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