Independence also requires that central banks must not be obliged to finance the government fiscal deficit. As a counter-balance to central bank independence, Fischer underscored the accountability of central banks, ie their responsibility to achieve their objective. While these principles were gaining ground in monetary policy, the advanced economies entered a highly favourable period of economic development, now referred to as the Great Moderation.
As a thought experiment, we can even imagine the case in which money will no longer 15  be needed in the distant future, where dramatic progress in the capacity and networks for processing information and data enable people to directly and instantly agree on the exchanges of needed goods and services, and also to secure the execution of these agreements.