To ensure the independence of the Bank, members of the Policy Board cannot be dismissed for holding opinions at variance with the Government, and the Government cannot order the Bank to undertake any particular policy action. Needless to say, a central bank should not take advantage of its independent status and act in a self-righteous manner.
Moreover, it must strive to clarify to the public the details of and the background to its decisions. This condition is called the accountability or transparency of the central bank in its conduct of monetary policy.