Indépendance des banques centrales : Trump a-t-il raison ?

Central bank independence: an idea worth defending against Trump and the rise of authoritarianism? Or should we be concerned about the lack of democratic control over monetary policy, through these institutions essential to our economies? We analyze this dilemma in this video. 👇 CHAPTERS & REFERENCES 📕 👇 ➡️ 🙏 Thank you for your support on these platforms: 🙏 👉   / philoxime   👉 https://fr.ulule.com/philoxime/ 👉 https://fr.tipeee.com/philoxime ⌛ CHAPTERS: 00:00 - Intro 03:03 - CONCEPT LIBRARY: What is a central bank? 06:10 - Argument 1 in favor of central bank independence 11:27 - Argument 2 in favor of independence 14:55 - Recap so far 16:05 - But... what about democracy in all this? 18:08 - The political role of central banks 22:48 - Is another monetary policy possible? 26:21 - So, what do we do? 📕 REFERENCES (In order of appearance) (UNDER WRITING) Andelic (2019) “The Old Economic Rules No Longer Apply”, https://doi.org/10.1017/S089803061800... Nordhaus (1975), “The Political Business Cycle” https://doi.org/10.2307/2296528 Alesina and Stella (2010) “The Politics of Monetary Policy” https://doi.org/10.3386/w15856 Alesina and Roubini (1992) “Political Cycles in OECD Economies”, The Review of Economic Studies, 59(4), https://doi.org/10.2307/2297992 Kydland and Prescott (1977) “Rules Rather than Discretion: The Inconsistency of Optimal Plans” Journal of Political Economy 85(3) (1977), http://www.jstor.org/stable/1830193 Rogoff (1985) “The Optimal Degree of Commitment to an Intermediate Monetary Target.” The Quarterly Journal of Economics 100(4), https://doi.org/10.2307/1885679 Woodford (2003) Interest and Prices, Princeton University Press Barro and Gordon (1983) “Rules, discretion and reputation in a model of monetary policy”, Journal of Monetary Economics 12(1) https://doi.org/10.1016/0304-3932(83)... Coibion ​​et al. (2022) “Monetary Policy Communications and Their Effects on Household Inflation Expectations”, Journal of Political Economy, 130 (6), https://doi.org/10.1086/718982 Bernanke and Mishkin (1997) “Inflation Targeting: A New Framework for Monetary Policy?” Journal of Economic Perspectives 11(2) Eichengreen et al. (2025) “Central Bank Independence Meets Blockchain Prediction Markets”, http://dx.doi.org/10.2139/ssrn.5366862 -Ampudia et al. (2018) “Monetary policy and household inequality”, ECB Working Paper, https://www.ecb.europa.eu/pub/pdf/scp... Romer and Romer (2023) “Presidential Address: Does Monetary Policy Matter?” American Economic Review 113 (6) De Boer et al (2025) “Governing Sovereign Risk in the Euro Area- Law and politics of the ECB’s collateral and market stabilization framework”, https://www.europarl.europa.eu/thinkt... van ’t Klooster (2020) “The Ethics of Delegating Monetary Policy”, The Journal of Politics, 82(2), https://doi.org/10.1086/706765 Abidi and Miquel-Flores (2018) "Who benefits from the corporate QE? A regression discontinuity design approach", ECB Working Paper Series N. 2145 van ’t Klooster and Fontan (2019) “The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and the Swiss National Bank’s Corporate Security Purchases” New Political Economy, 25(6). https://doi.org/10.1080/13563467.2019... Matikainen & al (2017) “The climate impact of quantitative easing”, https://doi.org/10.13140/RG.2.2.24108... Ball (2014) The Case for a Long-Run Inflation Target of Four Percent, IMF Working Paper 14/92, 2014, https://www.imf.org/external/pubs/ft/... Checherita-Westphal (2022) Dietsch & al (2019) (on wage indexation in Belgium and Luxembourg) https://papers.ssrn.com/sol3/papers.c... Dafermos et al (2022) Greening collateral frameworks, INSPIRE Policy brief 07, https://www.lse.ac.uk/granthaminstitu... van ’t Klooster (2020), "The Ethics of Delegating Monetary Policy", The Journal of Politics, 82(2), https://doi.org/10.1086/706765 Downey (2024) "Our Money: Monetary Policy as if Democracy Matters", Princeton University Press. Monnet (2024) "The Democratic Challenge of Central Bank Credit Policies" Accounting, Economics, and Law: A Convivium, vol. 14, no. 4, 2024, pp. 431-456. https://doi.org/10.1515/ael-2022-0113 Delorme (2025) "Money and the Eurozone through the Lens of Rawlsian Contractualism," doctoral dissertation, https://umontreal.scholaris.ca/items/... 🙏 ACKNOWLEDGMENTS: Thank you to Morgane Delorme for her contribution to the writing of this video, and for her numerous proofreadings and revisions. Thanks also to Gilles Mitteau and Antoine de Cabanes for their careful review of the script for this video. ©️LICENSES: Icons from flaticon Vectors from freepik Music from Artlist.io