Central banks should heed longer-term economic interest

Boston

SINCE the 2007-08 financial crisis, when central banks saved the global economy through strong, concerted (though belated) action, they have gained an ever higher profile as guardians of economic policy, both nationally and internationally.

Controversies in the past few months surrounding central banks in India and in my own country, Nigeria, have sharpened the debate over the independence of reserve banks. Tensions over central banking stewardship have emerged in other countries, including Argentina, Hungary, Malawi, Mauritius, Venezuela and Zambia.