Legal independence ‘not 100% insurance’, warns Posen

Academic says central banks must look at political context when policymaking

Adam Posen: “Independence is not insurance”

“Independence is not insurance,” economist Adam Posen warned when he appeared at an event organised by the Bank of England today (September 29).

Examining central bank independence from a global perspective, Posen set out his view that independence does not remove central banks from the political fray. “Every central bank takes into account its political environment,” Posen said.

The European Central Bank is “arguably the most independent central bank in the world”, Posen said. “But in reality

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