How independent are central banks?

In the wake of the financial crisis, there are growing movements in the USA and the UK to abolish the countries’ central banks, the Federal Reserve System and the Bank of England. And while such movements are often regarded as the radical domain of cranks and fanatics, their arguments deserve much more in the way of a careful consideration than they typically receive. Although the mainstream narrative has blamed the current financial crisis on ‘free markets’ and ‘cutthroat competition’, we have had nothing even remotely akin to either for a very long time. If we had, we would find ourselves in a very different position today.

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Source: http://www.iea.org.uk/blog/how-independent-are-central-banks

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