We asked Robert S. Kaplan, president and CEO of the Federal Reserve Bank of Dallas, why it's important for central banks around the world to maintain their independence. See what he said.
"I think it's very critical for the Central Bank of the United States to be independent. What do I mean by independent? I mean being able to make decisions that are independent of political considerations or political influence. A lot of the things that the Federal Reserve or central bank of a country has to do can be, controversial may not be popular, sometimes they have to be done in a very expedited way, and I think history's shown us one of the great strengths of this country is the ability of a central bank and central bankers to make judgments in difficult situations that they think are in the best interest of the country without regard to partisan political or other considerations, other than, again what is best for the country."