Normally, central banks are supposed to make decisions about monetary policy independently of political considerations. Because political considerations often make the economy good in the short-term and very bad in the long term.
But during this crisis, alleviating short-term economic symptoms seems to have become the main response from central banks, just the way the politicians like it. Which makes it look like the central banks are independent in name only but not in reality.
I don't think it's possible to have truly independent central banks when the directors of these banks depend on the politicians for their jobs. Perhaps such independence would become possible if these directors are appointed for life, the way Supreme Court judges are appointed.
it doesnt, not in the UK anyway.
