Paul Tucker, a former Deputy Governor of the Bank of England, sets it out in this way in his recent book: central bank delegation should have the following principles, namely ‘a clearly articulated regime, simple instruments, principles for the exercise of discretion, transparency that is not deceptive, engagement with multiple audiences, and, most crucially, testimony to legislative committees’.1  In line with those principles, and in order to get to low inflation, central banks need to explain to the public what they are doing and how they are doing it.
And they also need to be held accountable for their efforts. Independence is the flip side of accountability; a central bank cannot be easily held to account if private and/or political actors have  1 Tucker, P. 2018. Unelected power. Princeton, New Jersey: Princeton University Press. Page 2 of 11  the ability to sway its decisions.