Central bank independence is under threat around the world

The Marriner S. Eccles Federal Reserve in Washington. Foto: Bloomberg photo by Andrew Harrer.

South Africa's top monetary policymaker spoke for his peers around the world late last month when he declared that threats to central-bank independence from political meddling are no longer just an "emerging market phenomenon."

The Federal Reserve, Bank of England and European Central Bank are feeling the heat from elected lawmakers, while India and Turkey are among others under pressure...

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