United Kingdom

Central bank independence: An adult in the room, whether UK or emerging markets?

  • The early days of the Truss-Kwarteng duo in the UK demonstrate how quickly macroeconomic policy credibility can be lost

  • Many years of Erdogan in Turkey demonstrates how long policy lacking credibility can last (and the damage it causes)

  • Is central bank independence the answer? It might help, but it is by no means a sufficient guarantee of credible policy

September 27th, 2022
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