The advantages of an independent central bank are well-established. Interest rates tend to be set according to the economic, rather than electoral, cycle. Inflation is lower than it would otherwise be, as a general rule, and the currency is more secure.
The nervous reaction of the markets to US president Donald Trump’s clumsy attempts to undermine the chair of the Federal Reserve, Jerome Powell, rather proves that point, just as the earlier, disastrous Truss experiment did in the UK.
