Central banks were always political – so their ‘independence’ doesn’t mean much | Larry Elliott

The separation of monetary and fiscal policy serves the neoliberal status quo. It won’t survive the next crash

Independent central banks were once all the rage. Taking decisions over interest rates and handing them to technocrats was seen as a sensible way of preventing politicians from trying to buy votes with cheap money. They couldn’t be trusted to keep inflation under control, but central banks could.

Related: Trump raises pressure on Federal Reserve to cut interest rates

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