by Davide Romelli
Central bank independence is widely considered the backbone of modern economic policy analysis. This column examines the evolution of central bank independence for a sample of 155 countries from 1923 to 2023, and reveals a remarkable global shift towards enhancing the independence of monetary authorities. Despite the post-2008 challenges and the recent resurgence of political scrutiny of central banks following the COVID-19 pandemic, no halt to the momentum of reforms is observable, suggest that de jure central bank independence is still seen as a cornerstone for effective economic policymaking.
Links:
VoxEU Column – Recent trends in central bank independence