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Dear List members, 
 
There is much enthusiasm among fellow economists for the independence of 
central banks. I dimly remember that Milton Friedman did not quite share 
such  views. I believe he once said that it is OK for central bankers to be 
as independent as judges. But judges are bound by the law - whereas 
independent central bankers are bound by nothing (words to that extent). It 
would be great if some colleagues could comment on this - maybe wrong - 
recollection and maybe give a relevant refence. 
 
Best regards 
Michael Ambrosi 
 
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