Western capitalism has few sacred cows left. It is time to question one of them: the independence of central banks from elected governments.

The rationale for entrusting monetary policy fully to central banks is well understood: politicians, overly tempted during the electoral cycle to create more money, pose a threat to economic stability. While progressives have always protested that central banks can never be truly independent, because their autonomy from elected officials increases their dependence on the financiers they are meant to keep in check, the argument in favour of removing monetary policy from democratic politics has prevailed since the 1970s.