Fed's Geithner says central bank independence key

Timothy Geithner, president of the Federal Reserve Bank of New York said in a speech on Wednesday 30 March that central bank independence is a necessary condition for effective and credible monetary policy but it is not sufficient.

In remarks made at the Central Bank of Brazil, Geithner said that empirical evidence has shown that independent central banks do a better job at achieving price stability.

Geithner said while it was critical for a central bank to be protected from political

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