The meaning of independence

A very interesting article from Adam Posen: it will be very useful when we will discuss Central Bank independence. Please keep in mind the following statement:


"The only way that central banks can credibly commit to price stability over the long-term is to
maintain a political constituency in civil society supportive of such a policy regime.That
support from civil society, not any legal statute, is what protects central banks when they make a
hard decision that angers politicians"


I hope we will have time to discuss this statement in the context of the South African debate about the independence of the central bank