The Reserve Bank of India (RBI) headquarters stand in Mumbai | Photo: Dhiraj Singh | Bloomberg
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Just a few weeks into the coronavirus pandemic, the world’s most powerful central banks have found themselves shoved violently back into crisis-management mode. How they emerge from this latest emergency — and how it affects their political autonomy, mandates and credibility — is less a function of what they do and more of what happens around them.
After a golden age in which central banks were feted for vanquishing inflation, and sometimes even for taming