As Raghuram Rajan observes, the role of monetary policymakers and the Central Banks, historically one of independence, is today challenged by political pressures of populist politicians …those who have to run for office and thus, have a more forward public face to save.

For a populist leader who fears that a recession might derail his agenda and tarnish his own image of infallibility, the central bank is the perfect scapegoat.

Take a look at Rajan’s current piece, Central Banks Are the Fall Guys.