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Central bankers are getting nervous about their cherished independence

It may not survive the next financial crisis

By Paul Wallace  

President of the European Central Bank (ECB) Mario Draghi. Photo: Fredrik von Erichsen/DPA/PA Images

Central banks have been around a long time. The Bank of England celebrated its tercentenary in 1994. The even older Swedish Riksbank marks its 350th anniversary this year. But the modern independent central bank is a relatively new development that started for the most part in the 1990s. The European Central Bank, the most autonomous of all, was born at the start of June 1998, exactly 20 years ago. Now there is disquiet among central bankers…

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