The editorial from El País discusses the waning independence of central banks, highlighting their historical role as creators and destroyers of money. It elaborates on how central banks have historically been viewed as essential guardians of economic stability, with an agreement to prioritize price stability and prosperity in return for their political independence since the 1970s. The article draws parallels to medieval alchemists and their failed attempts to create gold from carbon, suggesting that central banks wield a similar magical power in managing currency and economic confidence.

As public trust in institutions declines, the crucial question arises regarding the legitimacy of technocrats managing the economy without robust democratic oversight. Central banks have enjoyed autonomy to make significant financial decisions with limited public accountability, which is increasingly scrutinized amidst calls for greater democratic control and transparency. This shift signals a potential reevaluation of how monetary policy is conducted and who is held responsible for the economic outcomes that affect citizens.

The article hints at a transformative moment for central banking, where the balance of control may shift back toward democratic institutions, countering the technocratic approach that has dominated for decades. As this independence diminishes, new frameworks for accountability may emerge, redefining the relationship between money, democracy, and public trust in financial systems.