Goodbye to independence

During the past year this column has commented on the challenges facing central bank policymakers and their institutions as a result of the financial crisis. It is now clear these mark a watershed in the history of central banking. Is the age of the independent central bank drawing to a close?

Two decades ago, led by those of New Zealand and Sweden, central banks were declared independent (with fine distinctions drawn between operational independence, goal independence and the like). A few contr

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