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And challenges to the fed independence and its a topic that many of the audience members are working on. Where do you think the greatest threat to Central Bank Independence comes from . Is it from the innovative policies on the macro prudential side and the dealing of Financial Institutions or aggregate Financial Sector or innovative policies on what i call the Monetary Policy side dealing with the stimulustype role. That is a political question and im not sure i can do it justice. Let me just say a preliminary thing, i dont think the central bank should be equally independent in all of its functions. There are good reasons to have independence in Monetary Policy making subject to a mandate or subject to objectives set by the Democratic Parliament or legislature and we understand those reasons having to do with avoiding shortrun political intervention in Monetary Policy and the like. But in many of its other activities, for example, as a bank regulator, while we believe Bank Regulators

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