The importance of these structures is that they insulate the central bank’s monetary-policy independence from corruption by the tighter accountability requirements that inevitably come with banking supervision. Because supervisors’ decisions affect individuals’ property rights – and their actions or omissions can put taxpayers on the hook to bail out banks – governments, parliaments, and the courts are bound to hold the watchdogs on a tight leash.
这些架构的重要性就是可以令央行的货币政策独立性不被无可避免地来自于银行监管的更紧密责任要求所腐蚀。因为监管者的决策会影响个人的财产权——而它们的行动或者疏忽可能令纳税人陷入援助银行的圈套——因此政府，议会和法院都必须要小心管好这只看门狗。