And today in other jurisdictions, we see concerns being publicly expressed about whether the central bank should pursue a normalisation path in the face of rising inflation. These deeds have so far had limited consequences only because central banks are independent 3/8  BIS central bankers' speeches  and credible.
But if central banks were less independent, and the public perceived that monetary policy could be pressured in either direction, it would eventually de-anchor inflation expectations and jeopardise price stability – just as in the 1970s. The relationship between monetary and fiscal policy The crisis has also prompted questions about the relationship between monetary and fiscal policies.