First, it has become increasingly clear over the last few decades that central banks need to have a considerable degree of independence to ensure consistency in the implementation of monetary policy over time. But along with a high degree of independence, central banks are required to be transparent to establish accountability.
Will the involvement in the US of Government and of the Fed as providers of liquidity become a continuing source of funds  2  BIS Review 63/2009  availability going forward? What lessons are there here for other central banks. And will the face of central banking change in the light of these expectations?