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Paul Tucker is the author of Unelected Power and Global Discord, a Fellow at the Harvard Kennedy School, and a former central banker. He is writing a book on how to sustain liberalism, democracy, and market economics.

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Monetary Independence and the Separation of Powers: A Principle in Constitutionalism

Central banks are shaped by law. It was for reasons of legitimacy that after the 2007–09 global financial crisis, the Bank of England urged the new coalition government and parliament not to give us certain powers and to add extra constraints around some of the new stability-related powers that were coming our way. We largely prevailed. I mention that because I have not seen that kind of “do not make us too powerful” culture at the Federal Reserve over the many years I have been able to observe it. READ MORE

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