Second, the clear assignment of responsibility for inflation to an independent central bank. Undisputedly, independence is an exceptional privilege granted to only a few institutions in democratic societies. However, the independence of modern central banks is not an end in itself. Rather, central bank independence helps to maintain a long-term stability orientation of monetary policy by insulating decision-making bodies from short-termist political influence.
Put briefly, an independent central bank is in the interests of the general public. Central bank  BIS Review 75/2008  1  independence assists in enhancing monetary policy’s credibility and its effectiveness, which can be measured by inflation expectations, for instance.