Central bankers are in danger of losing their independence as governments push them to adopt their own self-serving policy agendas. In many cases, the issues pressed are timely, pragmatic and even useful — but when central bank independence and credibility are at risk, so are the countries that rely on them.

If we do not stop these political causes from bleeding into central bank agendas without due process, we jeopardise our economies.

When you consider the institutional shifts that have occurred over the past year, one of the most significant was the debate around the integration of fiscal and monetary policy. Central bank policymakers called for increased government spending as they began to question the ability of their own tool kits to stimulate economies, particularly in the scenario of an economic downturn. Meanwhile, governments increasingly expect monetary authorities to support them in their endeavours as they look to invest more — hoping to boost productivity and meet the demands of electorates, who have endured a tough decade.