Does the Central Bank Need a Rigid Institution to Insulate It From Unnecessary Credibility Loss?

In times of stress or crisis, there is major remittance from central bank to finance ministries as we see this year in China. Wario: It's important to make sure that the central banks are able to operate and implement their monetary policy effectively. Central banks can operate with negative capital. We have a number of examples around the world of central banks that are operating in that way.