In a democratic society, however, central bank independence needs to be counterbalanced by accountability, that is, an obligation on the part of the central bank to explain its decisions to the public and its elected representatives. In turn, accountability requires transparency with respect both to objectives and decision-making.
The remarkable economic boom in the United States has undoubtedly made an important contribution to the strength of the recovery in the world. But so too have the achievement and maintenance of price stability around the world. Despite a substantial rise in oil prices and strong international demand, inflation in nearly all the industrial countries has remained subdued since the beginning of 1999. 2.