The winds of change for central banks
Just how secure is the current orthodoxy of central bank independence combined with some form of inflation targeting? In the United States, Congressman Ron Paul has been campaigning for the Federal Reserve to be "audited" and ultimately abolished. Although the independence of the European Central Bank (ECB) may seem impregnable, surveys by Eurobarometer show that net trust in this institution fell from around 30% in spring 2008 to below zero in early 2009. Such evidence cannot be ignored. If the
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