Central banks that provide public benefits—like low inflation, financial stability and secure forms of payment—should not be influenced by commercial interests. With respect to political influence, governments have many public policy priorities—health, education, industry and trade, for example. Sometimes those policy pursuits can come into conflict with a central bank’s core mandate of ensuring low and stable inflation. That’s another reason why independence matters.
Other topics include the impact of capital flows on the real economy, the implications of a dominant currency for monetary cooperation, the effect of a country’s banking structure on the current account, and the way tax havens affect firms’ riskiness. It is a rich menu. Thanks are due to the organisers, presenters and discussants; to the keynote speaker; to all of you.