Ex-BoE deputy heralds decline of independent era

The collective failure of monetary authorities and governments to avert the current crisis will negate central banks' independence, Sir John Gieve, a former deputy governor at the Bank of England has said.

Writing for the Financial Times, a newspaper, Sir John said that one of the long-term consequences of officials' collective failure would be a new framework for the roles of government and central banks in which the work of the two institutions and financial regulators were more closely lin

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