An intervention by politicians into the independence of central banks would "ring alarm bells", according to investment managers, after the institutions have been forced to fend off criticism from UK Prime Minister Theresa May and US President-Elect Donald Trump.
In November, Bank of England governor Mark Carney (pictured) spoke out after criticism from May there would be "bad side effects" from Bank of England policies such as quantitative easing, in particular the negative impact on savers.
Speaking at a Treasury Select Committee meeting, Carney said politicians were involved in a "massive blame deflection game" by criticising monetary policy.
Meanwhile, former Monetary Policy Committee member Martin Weale gave his support to economic forecasting after MP Michael Gove declared it a "profession in crisis".
"Forecasting is uncertain, that is the nature of things, forecasts aren't wrong or right, they are simply the best you can do," said Weale.
Commenting on the debate, Gareth Lewis, chief investment officer at Tilney Bestinvest, said: "Monetary policy has ceased to be just a weapon used by banks as it can deliver social change. Politicians have become aware of this and are trying to exploit it."
He said challenges to the Bank of England by Prime Minister Theresa May and other politicians seek to breach the independence of the institution, which gained independence in 1998 under former Prime Minister Tony Blair.
"Politicians have to tread very carefully around monetary policy. It was a crucial change when the Bank became independent so you have to be very wary about anything that challenges that.
"Central bankers are thinking for the long term whereas politicians are only thinking three, four years down the line, which is problematic if they try to intervene."
The issue is not only affecting the UK, as across the Atlantic President-Elect Trump has been critical of Federal Reserve chairman Janet Yellen.
Trump, who won the Presidential Election in November, has called her out for her perceived alignment with President Barack Obama and for keeping rates low for political reasons. She has since committed to fulfilling her term as chairman and will remain until 2018.
However, Lewis feels in this case some of Trump's criticisms are valid and highlights inconsistencies in the US system, although there is a danger his involvement could go too far.
"Obama had very little domestic power, this was wielded by the Federal Reserve and the chair is one of the most important people. So, in a way, Trump was right to say what he did but it is more of a function of how the Federal Reserve and the US government are structured.
"Trump will be more involved than Obama was but for him to push Yellen out of her position would be a deeply unpalatable decision and any overt political interference would ring alarm bells."
Robin Kyle, investment manager at Tcam, added: "It remains possible that the Federal Reserve is another area where Trump may soften his stance. It may be surprisingly easy for Trump and Yellen to find common ground if the former's much-publicised programme of fiscal stimulus allows the economy to start growing more quickly, making it easier for Yellen to raise rates."
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