An illustrious panel of central bankers and economists yesterday suggested there are limits to the independence central banks should be granted, even while underscoring the need for a considerable degree of autonomy at a conference organised by the Bank of Mexico.

The event, marking 20 years since the Bank of Mexico was granted de jure independence, brought together Olivier Blanchard, the International Monetary Fund's chief economist, Stephen Cecchetti, outgoing head of the Monetary and Economic