The article argues that recent executive overreach and politicization have severely undermined established norms of U.S. civil-military relations. To restore professional standards, the incoming Congress must actively exercise its oversight powers, moving beyond mere criticism to demanding transparency in defense policy and personnel decisions. Key reforms include enforcing meritocratic promotion processes, requiring documented justification for senior officer removals, and preventing the partisan use of the military. These actions are crucial for bolstering public trust and ensuring the military remains a nonpartisan instrument of civilian control.
Is the age of central bank independence under threat?
English Summary
The panel argues that while central bank independence (CBI) is increasingly challenged by high public debt and political populism, it remains essential for anchoring inflation expectations and maintaining price stability. Experts highlight that 'fiscal dominance' in high-debt environments increases political pressure to lower interest rates, particularly in the US, risking a return to 1970s-style inflation volatility. To maintain legitimacy, central banks must improve transparency and adapt to a new era of frequent supply shocks—such as AI and geopolitical shifts—which may drive higher neutral interest rates globally. Consequently, failure to safeguard CBI could lead to financial repression and a fragmentation of the global monetary regime.
中文摘要
專家小組指出，儘管高額公共債務與政治民粹主義日益威脅央行獨立性（CBI），但其對於穩定通膨預期與維持物價穩定仍不可或缺。專家強調，在高債務環境下，「財政主導」現象加劇了調降利率的政治壓力（尤以美國為甚），並面臨重返 1970 年代通膨劇烈波動的風險。為維持正當性，各國央行必須提升透明度，並因應人工智慧及地緣政治變遷所引發的頻繁供應面衝擊，這些因素可能推升全球中性利率。因此，若無法捍衛央行獨立性，恐將導致金融抑制及全球貨幣體系的碎片化。
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