Comment by weakened_malloc
1 day ago
Eh in a way, I can see both sides of the coin. On one hand if Fed governors didn't have independence, the inflation rate would make Venezuela look like a bastion of economic management. On the other hand, you end up with situations like this where the EC can just keep trying to force in poor policy.
The Fed has a pretty strict and narrow mandate and an even narrower toolset. They can't start coming up and imposing random laws and regulations (outside the banking sector) just because they want to...
Worth noting they have a strong incentive to grow payroll, which currently stands at 25,000-ish.