Central bankers are shifting the goalposts on responsibility

THE theme of this year's meeting of the world's central bankers in Jackson Hole, Wyoming, had little to do with monetary policy. "Fostering a Dynamic Global Economy" is, of course, an important topic. But it is telling that the European Central Bank (ECB) chose, for its own annual gathering, a similar "non-monetary" topic ("Investment and Growth in Advanced Countries").

There is nothing wrong with central bankers considering challenges in areas such as growth, trade and investment. But central banks we…