5  Vittorio Grilli, Donato Masciandaro and Guido Tabellini (1991), Political and Monetary Institutions and Public Finance Policies in the Industrial Countries, Economic Policy 13, pp 341–392. BIS central bankers’ speeches  5  narrowly. Indeed, what the Economist wrote back in 1990 remains true to this very day: “The only good central bank is one that can say no to politicians”.
Independent central banks need strict limits to their flexibility, such as a ban on monetary financing, so that their independence is not ultimately called into question, especially so in a framework that is as complex as the European Monetary Union.