"...it is wholly impossible for a central banker subject to political control, or even exposed to serious political pressure, to regulate the quantity of money in a way conducive to a smoothly functioning market order...a good money, like a good law, must operate without regard to the effect that decisions of the issuer will have on known groups of individuals...A benevolent dictator might conceivably disregard these effects; no democratic government dependent on a number of special interest groups can possibly do so"
Friedrich August Hayek
Basically Central Bank's independence is a mirage... and even more so when special interest groups "large business and/or politicians' businesses" have a say in the political decision making.
Personally I think that Big Saudi business will be the pulling & pushing force in the coming One GCC Single Central Bank regime - (http://blogs.ft.com/money-supply/2010/03/30/concepti
Especially that it will be based in Riyhad, and headed by a Saudi central banker (Dr. Al Jassar Above) with a terrible track record in handling the Ghossabi/AlSaa`d loans to the banks in the region - where priority was given to Saudi banks rather than following the seniority of the loans
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