King says independence is a tricky course to steer

Former Bank of England governor Mervyn King

Mervyn King, the governor of the Bank of England, yesterday stressed the practical difficulties for central banks, pointing out that they must be independent in some areas but accountable in others.

During a panel discussion at an International Monetary Fund conference in Washington, King highlighted three areas in which central bank independence was under threat: expectations being too high; a blurring of the distinction between fiscal and monetary policy at the zero lower bound; and the

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