Or do practices among these central banks differ less than it might appear from a strict reading of their mandates? By the way, I only have time to ask the interesting questions, not to answer them. That will be the panel's job, I hope. Instrument independence Each of the central banks represented on the panel has instrument independence.
The motivation for granting such independence is to insulate the central bank from political interference, especially interference motivated by the pressure of elections to deliver short-term gains irrespective of longerterm costs.