But research shows that, to avoid distortions in using monetary policy for deficit financing, it is important to have an independent central bank with a clear and credible inflation target, which the Federal Reserve does. 17 Central bank independence is critical for maintaining that target and keeping inflation expectations in line with that target.
There is a significant acceleration of climate action, however, current targets may not be enough to keep the temperature rise below the 2°C limit and the world needs timely revision of national contributions 1/4  BIS central bankers' speeches  within a global framework of deep decarbonisation of national energy systems.