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Independence: Rhetoric and Reality

In: Central Banking in Developing Countries

Author

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  • Anand Chandavarkar

Abstract

No other aspect of central banking has evoked more attention and discussion in every conceivable forum, academic, financial, and political, than the advocacy of central bank independence of politi-cal authority primarily as a countervailing power against the alleged inflationary bias of the executive and the legislature. But this high-powered debate has been conducted largely in the context of the industrial democracies, albeit without much historical perspec-tive, and the terms of the Maastricht Treaty with its absolute prohibition of automatic access for the member countries of the European Community (EC) to credit from the proposed European Central Bank (ECB).’

Suggested Citation

  • Anand Chandavarkar, 1996. "Independence: Rhetoric and Reality," Palgrave Macmillan Books, in: Central Banking in Developing Countries, chapter 13, pages 218-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37150-7_13
    DOI: 10.1057/9780230371507_13
    as

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