New Policy Insight | No. 87: Central bank independence under threat?
Central bank independence (CBI) means that monetary policy is delegated to unelected officials and that the government’s influence on monetary policy is restricted; this is traditionally viewed as an important counterbalance to inflationary biases. This Policy Insight examines the role that central bank independence plays in the post-crisis world, and whether Willem Buiter was right, in 2016, when he declared that central banks "have become more powerful and political. They have not become more accountable".