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The independence of central banks is under threat from politics

Technocrats face a difficult challenge. The rich world has hardly any room to cut interest rates before hitting zero, so central banks will once again have to turn to unconventional stimulus, such as bond-buying. 

In a single generation billions of people around the world have grown used to low and stable inflation and to the idea that the interest rates on their bank deposits and mortgages are under control.


Did inflation targeting fail? 
Central banks have mostly escaped blame for the crisis.
How can it have gone so wrong? 
Martin Wolf, Financial Times, May 5 2009

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