Who’d be a central banker today? Once, they were the masters of the universe, bravely slaying the dragon of inflation and slashing interest rates to save the economy in times of peril.
Today, they seem powerless to control inflation. Fearful of raising interest rates too far, they issue hollow calls for wage restraint. No wonder Andrew Bailey, Governor of the Bank of England, admitted to MPs recently that “It’s a very, very difficult place for us to be in.”