Reports on interest rates See all

Christine Lagarde, managing director of the IMF and recently nominated president of the ECB

The political corruption of monetary policy

The 2008 U.S. housing crash and the European debt crisis led many politicians to question the importance of independent central banks. However, this approach is not without consequences. There are now several patterns of influence on central banks, ranging from direct political meddling to more subtle institutional pressure. Left unchecked, excessive and ineffective monetary policy will progressively

corrupt central bank independence.

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