Empirical work shows that in the two decades during which central bank independence gained ascendancy, there was a negative correlation between inflation and the degree of independence of the central bank across both developed and developing economies. In some cases though, reverse causality – low inflation performance leading to central bank independence – cannot be ruled out. 37.
1 Deutsche Bundesbank (2018), Payment behaviour in Germany in 2017 – fourth study of the utilisation of cash  and cashless payment instruments. 2 Ibid. 3 3/4  BIS central bankers' speeches  3 Deutsche Bundesbank (2019), The cost of payment methods in the retail sector, Monthly Report, June 2019, pp. 65–79. 4/4  BIS central bankers' speeches