"The idea of central bank independence is today in crisis. The reason is not—as its own logic would have it—that prying politicians have managed to impose their wills after all. Instead, and more paradoxically, independent central banks have become victims of their own success. This moment of introspection is also an opportunity to reconceive the notion of independence by placing monetary policy on a more democratic footing while acknowledging the peculiar difficulties of governing contemporary money under global financial capitalism."