Central bank independence helps price stability – ECB paper
Research shows that greater autonomy means more policy discipline and enhanced credibility
Independent central banks are better placed to ensure price stability, a study by the European Central Bank has found.
The working paper, published on April 9, looks at 155 countries between 1972 and 2023. It measures central bank independence using an index that integrates aspects of governance, monetary policy frameworks, lending restrictions and accountability standards.
The authors – Alexander Jung, Davide Romelli and Etienne Farvaque – find that increased independence led to improvements in
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