Given the barbed criticisms currently being thrown at central bankers by the media and politicians in many parts of the world, it would be understandable if, on their way to work in the morning, they were to mutter a dictum favoured by Montagu Norman, the former eccentric governor of the Bank of England:

"The dogs may bark, but the caravan moves on".

Central bankers have to deal with the world as it is, observe how it evolves and act accordingly. They don't set the rules of the game, nor do they