Central banks in most developed nations are usually set up to be institutionally independent from political interference,[2][3][4] even though governments typically have governance rights over them, legislative bodies exercise scrutiny, and central banks frequently do show responsiveness to politics.[5][6][7]
Issues like central bank independence, central bank policies and rhetoric in central bank governors discourse or the premises of macroeconomic policies[8] (monetary and fiscal policy) of the state are a focus of contention and criticism by some policymakers,[9] researchers[10] and specialized business, economics and finance media.[11][12]
^Compare:Uittenbogaard, Roland (2014). Evolution of Central Banking?: De Nederlandsche Bank 1814–1852. Cham (Switzerland): Springer. p. 4. ISBN9783319106175. Archived from the original on 1 July 2023. Retrieved 3 February 2019. Although it is difficult to define central banking, ... a functional definition is most useful. ... Capie et al. (1994) define a central bank as the government's bank, the monopoly note issuer and lender of last resort.
^David Fielding, "Fiscal and Monetary Policies in Developing Countries" in The New Palgrave Dictionary of Economics (Springer, 2016), p. 405: "The current norm in OECD countries is an institutionally independent central bank ... In recent years some non-OECD countries have introduced ... a degree of central bank independence and accountability."
^Apel, Emmanuel (November 2007). "1". Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System. Routledge. p. 14. ISBN978-0415459228.