Central bank independence in a changing world by Alexandre Tombini published by BIS (11/2025).
“Thank you to the Organisation for Economic Co-operation and Development (OECD) for bringing us together to discuss central bank independence in a world that continues to evolve. This is a subject at the heart of how we navigate the complexities of ensuring stability and fostering trust in our institutions.1
As the title of this panel suggests, our focus today is on central bank independence and the changing global environment. To frame my contribution, I will first reflect on central bank independence. I will then turn to the transformations that are redefining the challenges that central banks face. Finally, I will bring these two perspectives together to explore what this changing world means for central banks as they endeavour to fulfil their mandates within a framework rooted in their independence.
Central bank independence
The importance of central bank independence has been underscored by the experiences of Latin American economies. The painful episodes of debt crises and high levels of inflation in the 1980s and 1990s forced governments to confront the urgent need for a comprehensive wave of measures to construct the foundations of a strong macroeconomic framework. At the core of these efforts was recognition that achieving low and stable inflation was critical – not only because price stability is a valuable objective in its own right but also as a foundation for sustained economic growth and improved societal wellbeing…”