The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
The first warnings came without sirens or breaking news alerts. There were no dramatic clashes in parliaments or televised resignations of central bank governors. It came more subtly – through a shift in tone. In July 2024, the G20 finance ministers cautioned that downside risks include wars and escalating conflicts – a rare acknowledgment of geopolitical tension within macroeconomic discourse and, months later, the European Commission proposed exempting defence spending from EU fiscal rules
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