The independence of central banks faces what is described as the biggest stress test of the century. This pressure arises in a context already marked by significant challenges in managing monetary policy.
Among the main difficulties are the need to manage high country debt in a scenario of high interest rates, as well as a change in the nature of inflation, which is currently more centered on supply-side factors and less on demand-side factors.
To this situation is added a recent trend within political power that represents an additional threat to monetary authorities and their autonomy.
