A central banker must combine the technocrat’s virtues with those of the politician. Ben Bernanke, chairman of the US Federal Reserve board, possesses both. He should be reappointed when his current term expires in January.

Mr Bernanke devoted his unimpeachable academic career to topics that, uncannily, groomed him for heading the Fed during this crisis. Had one not known better, one would have credited the Bush administration with extraordinary foresight for his appointment.