Economics
ECB Study Finds Signs of Eroding Central Bank Independence
The European Central Bank (ECB) headquarters in Frankfurt, Germany, on April 28.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Central banks’ iron-clad independence appears to be waning due to attacks from politicians, according to a European Central Bank working paper.
That’s according to a study that looked at 13 monetary authorities, accounting for 75% of global economic output, in the 2018-2019 period. The authors -- Rodolfo Dall’Orto Mas, Benjamin Vonessen, Christian Fehlker and Katrin Arnold -- found that nearly half experienced a de-facto deterioration of autonomy.