This came as a recognition of the empirical evidence  BIS Review 46/2002  1  that good inflation performance around the world is linked to central bank independence. While the economic profession had started to subscribe to this view a long time ago, the issue was more contentious at the political level.
It closely tracks economic and financial developments worldwide, analyses risks and gives policy advice to countries and regions. It has significantly expanded lending to assist EMEs and low-income economies hit by the crisis.