Central banks should not take the role of the governments or the parliament

Central banks are not democratically elected institutions, and they therefore have no legitimacy in terms of making economic policy choices outside their normal mandate, which is to control inflation and obtain financial stability. But central banks in a democratic country cannot implement economic policies , which are the responsibility of governments or parliaments. Let us give a few examples: Helicopter money; the central bank gives, without consideration, money to certain economic agents; but this is actually a fiscal policy operation equivalent to the following operation: the government makes a public transfer payment to economic agents, finances it by issuing bonds, and the central bank buys these bonds by creating money; it is up to the government to decide to make a public transfer payment; Green monetary policy; the central bank accepts in its refinancing operations, "green" bonds and loans at favourable conditions, in order to lower the funding cost for "green" investments and energy transition; but it is the responsibility of the government or the Parliament to support investments in energy transition (for example through tax incentives), it is a political choice; It is can even be possible that monetary policy transactions (quantitative easing) sometimes encroach on governments’ prerogatives; quantitative easing in the euro zone, for example, has driven down interest rates but not equity risk premia; it therefore favours financing through corporate borrowing load at the expense of equity financing, which is an economic policy choice that should normally be taken by the government and the parliament. More generally speaking, distortions of financial asset prices generated by monetary policy raise problems.