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Reviewing the Literature on Central Banks after the 2008 and COVID Crises: Amid Accountability and Independence

Pierluigi de Rogatis*

This article provides a brief but comprehensive analysis and literature review of Central Banks (CBs) role in political and economic policies. The paper argues that the COVID-19 pandemic has changed perceptions of CBs' function, and the traditional custodianship of low inflation and price stability is under pressure. The article highlights how CBs in developed countries such as the ECB, Fed, and the bank of England have taken unprecedented measures in response to the pandemic, leading to higher inflation levels than in the past 30 years. The article also addresses the concerns raised about the expansion of CB powers, such as legitimacy, accountability, and self-empowerment. The research also highlights the debate about the role of CBs in ensuring price stability, sustainable growth, and maximum employment. The article concludes by emphasizing the need for a comprehensive review of the role of CBs in shaping policy environments that improve society's well-being.