The question of how best to subsidise the worthy or tax the unworthy is surely better left to elected and accountable politicians, rather than to technocrats
reputation is determined as much by its relationship with the government as by its handling of financial crises and economic downturns. Over the past 300 years, as governments have sought to enhance or sometimes restrict central banks’ powers, the mood has varied from collaborative and harmonious to antagonistic and fractious. By the end of the 20th century the tone had shifted to a grudging respect. Politicians came to learn that they interfered with central banks at their peril.
This expansion in powers echoes across the emerging world. Central banking in the rich world has inched towards the approach in China, with its greater emphasis on its balance-sheet and credit guidance, and its multiplicity of aims. Thetends to be called in to solve economic problems, says one observer, because it is regarded as more competent than other ministries. The existence of targeted-lending schemes has made it easier for theto nudge credit towards green borrowers.
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