See G. Ardizzi, S. Emiliozzi, J. Marcucci and L. Monteforte, ‘News and consumer card payments’, Banca d’Italia, Temi di Discussione (Working Papers), 1233, 2019; V. Aprigliano, G. Ardizzi and L. Monteforte, ‘Using the payment system data to forecast the Italian GDP’, Banca d’Italia, Temi di Discussione (Working Papers), 1098, 2017.
Therefore, there is generally an attempt to balance independence and accountability. This provides incentives for good performance and maintains the connection between the monetary policy process and publicly elected government officials. It is important to appreciate that steps to encourage accountability typically offer opportunities for political pressure.