On 16th December 2007, Phase 1 contract commenced with a 42 week contract period. A lot happened and Phase 1 contract period reached 65 weeks. The building was handed over on 30th April 2009, paving way for Phase II. It was intended that by August 2009, the contract for Phase II would have been awarded and that the contractor would be on site.
The purpose of this paper is to clarify the relationship of central banks within government, to explain the nature, degree of, and rationale for the independence afforded to many central banks - with a special focus on the role of the Federal Reserve within the US government - and to discuss the balancing of independence and accountability in principle and in practice.