The current fashion for attacking central banks is understandable but it risks going too far. Whatever mistakes were made before the global financial crisis, the principle of independence is a vital part of modern economic policy-making. To undermine it would be a serious step backwards.

Opposition to the idea of a central bank has a long and colourful history in the US, going back to President Andrew Jackson. Old Hickory’s successor is Republican Ron Paul, who wants the Federal Reserve on a much tighter leash. In Europe, the European Central Bank has been the target of regular bashing by French presidents. Tant pis. The more alarming development was Chancellor Angela Merkel’s attack last June. Germany, after all, cast the ECB in its own Bundesbank image.