Central bankers thrive when the rule of law is strong, a member of the European Central Bank’s board has said.

In an address yesterday (June 9) before Italy’s constitutional court in Rome, Frank Elderson said strong institutions and economic prosperity only feed into one another when central banks are independent.

“Within their mandates, central banks and prudential supervisors have a vital role to play in upholding, promoting and, when necessary, determinedly defending the rule of law,” he said.

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