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Draghi: Central bank independence
Advanced economies are now emerging from the aftermath of the great financial crisis. Despite facing the largest shock in the postwar period, central banks have succeeded in maintaining price stability and fulfilling their mandates. A key factor behind this has been central bank independence. But in spite of its benefits, its desirability and relevance are nowadays being increasingly challenged. The evolution of central bank independence The rationale for delegating powers to independent central banks evolved mainly from the experience of the 1970s. At that time, policymakers believed that there was a stable ... (full story)
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