Liberalised and developed financial markets, certainly, contribute to greater public-awareness and in this regard efforts to promote financial markets also contribute to greater accountability. In the final analysis, accountability is a basic principle of democracy. At a pragmatic level there are two important arguments in favour of autonomy in addition to transparency.
First, if superior technical competence is demonstrable, there is merit in according operational autonomy to the central bank. Furthermore, to the extent a central bank is likely to carry greater credibility with the public opinion when it makes a commitment, there is merit in entrusting it with autonomy.