Central Banks: Independence vs. Accountability

This chapter examines the evolution of central bank independence, focusing on the US Federal Reserve and the Bank of England. It discusses the implications of this independence on economic stability and the balance of power between elected officials and unelected monetary leaders, particularly during crises like the Covid pandemic. The conversation raises concerns about potential populism, the influence of political figures on monetary policies, and the future of the US dollar as the world's reserve currency amid evolving global dynamics.