The separation of monetary and fiscal policy provides the neoliberal status quo. It won’t subsist the next crash

Independent central banks were once all the rage. Taking decisions over interest rates and handing them to technocrats was seen as a sensible style of preventing legislators from trying to buy elections with cheap fund. They couldn’t be trusted to keep inflation under control, but central banks could.

Related: Trump heightens pressure on Federal Reserve to cut interest rates

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Read more: theguardian.com