These illustrations fully endorse what Professor Blinder has said in his Paper “In the end, central banks derive their democratic legitimacy and hence their cherished independence from the consent of the general public”  4  BIS Review 85/2008  Select issues relevant to EMEs Let me attempt a few generalizations on the subject, keeping in view the EME perspectives.
First, it is not very clear whether the empirical research on the subject referred in Professor Blinder’s paper has adequately covered EMEs. For example, BRIC countries (Brazil, Russia, India and China), South Africa, Indonesia, Saudi Arabia etc., are emerging as significant players in the global economy. Are their experiences different from those researched so far?