Issing sees ‘uncertain future’ for central bank independence

Otmar Issing
Photo: Mario Schmitt

By taking on too many powers and straying into fiscal domains, central banks may have opened themselves to political criticism and the loss of their independence, warns former European Central Bank chief economist Otmar Issing.

Commentators have become more critical of the idea of central bank independence in recent years, writes Issing in a chapter of a recent book, published by the Centre for Economic Policy Research.

“The biggest threat for independence lies in possible actions by the

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