The endurance of institutions rests on their ability to maintain independence from immediate political demand. They serve not only as mechanisms of policy but also as structures of continuity that span shifting administrations. Independence grants them credibility; credibility sustains trust; and trust enables stability in both national and international domains.

The present concern with stagflation in the United States arises from a contradiction at the centre of global finance: markets built to anticipate growth and stability continue to advance even when the conditions that support them appear to erode.