[britain] an independent central bank is the thin edge of the wedge

The arguments for an independent central bank include:

• lower inflation
• improved credibility
• reduced political short-termism

The arguments against an independent central bank include:

• a `deflationary bias’ may lead to higher unemployment
• reduced policy flexibility
• undemocratic [1]

Arguments for: The first is generally accepted. The second is highly questionable for the same reason the third is unsustainable. The third reason ‘for’ does indeed eliminate political short termism and replaces it with ... read more here.