In a democratic society, however, central bank independence needs to be counterbalanced by accountability, that is, an  2  BIS Review 54/2008  obligation on the part of the central bank to explain its decisions to the public and its elected representatives, including, in the case of the ECB, those in the European Parliament.
History has demonstrated that risks evolve in response to regulatory pressure and the animal spirits that emerge as memories fade, as well as to animal spirits. As a result, the infrastructure needed to learn the things we don’t know needs to be put in place.