We are already bearing the consequences of inadequate adjustment. Unsustainable macroeconomic policies are increasing uncertainty, undermining a sustainable economic recovery and raising financial stability risks. And the longer needed adjustments are delayed, the more serious the consequences will ultimately be. Financial stability that is durable cannot be achieved without balanced sustainable growth – nor can growth be sustained without financial stability.
Furthermore, the above-noted question marks about the merits of central bank independence can be easily refuted:  Independence is still needed in a low-inflation environment. Inflation declined partly as the result of the recessionary effect of the financial crisis. There are other factors helping to contain inflation, but their future potential impact is uncertain.