This rested on three elements: central banks needed a clear mandate to achieve price stability; they needed independence over the instruments they could use to achieve their mandate; and monetary policy had to be embedded in a strong accountability framework requiring the central bank to explain how its decisions contributed to its goal.
1/8  BIS central bankers' speeches  This framework offered the public a guarantee that independent central banks would not exercise power arbitrarily. Their discretion was limited to how they formulated monetary policy. They had no discretion over whether to pursue their goals, and what goal they had to achieve.