Central banks must better manage tensions over their autonomy

The Central Bank of Nigeria

We may take the principle of central bank autonomy for granted but, in emerging markets in particular, we shouldn't. Autonomy is locked, it seems, in mortal combat with political legitimacy and accountability. The ultimate irony is that political legitimacy considerations rarely make for good economics and therefore often translate into bad governance, stunting economic growth and development in many developing countries.

This tension reverberates in different forms

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