In a speech on '60 years after Bretton Woods - a central banker's view' given on 10 June, Jaime Caruana of the Bank of Spain said central banks have also undergone changes similar to those at the IMF. Developments in macroeconomic theory and the experience built up over the years have forged an increasingly broad consensus on the need to apply stability-oriented macroeconomic policies and, in particular, to conduct an independent monetary policy, which is vital for sustained economic growth.

"Cen