The same forces that support globalisation are behind central bank independence – and so the political forces turning against an open global system also pose a threat to central banks, Claudio Borio writes in a new paper.

The head of the monetary and economic department at the Bank for International Settlements examines a “threefold challenge” facing central banks in the essay, based on an earlier speech. An economic challenge from the stubbornness of low inflation, an intellectual challenge as