Central banking’s 30-year cycle


With central banks under attack by heads of state from the US to Turkey, it is timely to recognise and celebrate their contributions to civilisation. In the past 30 years they have become indispensable institutions of market economies everywhere. Also, central banking as a vocation has come of age. Yet, right now, central banks are at risk of losing their bearings.

They have patched the system up, allowing governments to defer radical reform. However, central bankers are unsure what role they

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