Central Banking

Governors under siege

The Quarterly Journal of Central Banking says in an editorial that the far-reaching international movement during the 1990s to grant centralbanks legal independence has represented a major step forward in publicpolicy, but, as recent events have demonstrated, it is not the end of thestory.

It is one thing to give central banks operational independence to pursueprice stability - which was not an overriding aim with many of thempreviously - but it is another to make it work in practice. In a number

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