But there is also a political argument – political influence does not necessarily mean stronger legitimacy, precisely because it is likely to arouse the suspicion that the central bank is politically motivated and may therefore deviate from its mandate for political reasons. So I would argue that independence does not weaken accountability, it strengthens it.
It is clear that the modern distortions in the world economy and disruptions in the global order need to be addressed through close cooperation and maintained regional balances of power, rather than bilaterally. Just a quick note here on the alarming increase in Chinese military spending: it has now exceeded $ billion dollars, i.e.