Two words that worry global central bankers the most

Around the world, what were once solid lines dividing the responsibilities of those in charge of fiscal policy and monetary policy are being challenged or redrawn. The big picture: If elected governments succeed in undermining their central banks' independence — pressuring them to suppress interest rates or monetize debt to bail out yawning public debt problems — it foretells a world of higher inflation and economic volatility. It was a challenge very much on the minds of the central bankers…