Factbox-What is central bank independence?

Published by
Reuters UK

(Reuters) – Talk of changes to the Bank of England’s powers has revived a debate on whether central banks should be independent of governments and in what way. Central bankers are tasked with preserving the value a currency by keeping inflation in check. For this purpose many of them are shielded from political pressure from governments. Once a sacred cow in the Western World, this independence has been called into question more often in recent years as central banks stepped in to prop up governments when they were hit by the global financial crisis and then by the coronavirus pandemic. Here a…

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