Furthermore, the above-noted question marks about the merits of central bank independence can be easily refuted:  Independence is still needed in a low-inflation environment. Inflation declined partly as the result of the recessionary effect of the financial crisis. There are other factors helping to contain inflation, but their future potential impact is uncertain.
 Trade-offs with financial stability goals have always existed, as well as incentives to consider them.  Consistency of public finances with central banks’ goals is the key issue for proper coordination between fiscal and monetary policies. This does not imply, though, that central banks should be stripped of their independence.