Essay Question 1: The Role and Independence of Central Banks Discuss the significance of central bank independence in the formulation and implementation of monetary policy. In your essay, consider the theoretical justifications for maintaining central bank independence and the practical implications this has on a country's economy. Include examples of how political interference can affect the effectiveness of monetary policy and propose mechanisms to safeguard central bank independence. Conclude with an analysis of the potential challenges to maintaining independence in the face of political and economic pressures