In many countries, the factors I have discussed here led to changes in central banks that may make it more difficult to revert to high-inflation policies. The most notable change is the increased independence of many central banks and the correspondingly reduced control of the fiscal authorities over monetary policy.
Central bank independence reduces the ability of a government to "rob the piggy bank" through a surprise inflation tax. In most cases, central bank independence can be reversed by a majority vote of the national legislature.