As this dynamic plays out, markets watch keenly, and if uncertainty grows and confidence in central bank independence and credibility erode, then markets rap bond yields and exchange rate on the knuckles! Let me elaborate. Modern economies are, by and large, not autarkies; they rely on capital markets to finance their investments.
2 One aspect in this context which hasn’t received the requisite attention is that those economies/central banks  which are privileged members of this network are (implicitly and inadvertently) incentivised to be reckless or 3/4  BIS central bankers' speeches  follow policy that is sub-optimal from a global welfare perspective; in other words, is moral hazard perhaps exacerbated?