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Economy & Business - May 2005
THE MEIRELLES CASE: Implications for central bank independence
One little-noticed side effect of the government's determination to protect the president of the central bank, Henrique Meirelles, from the humiliation of a criminal investigation, is that there is no chance of the central bank becoming independent. Now Meirelles has been confirmed by the supreme court as a member of the cabinet, on 5 May, the bank cannot be independent of the government.
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