A brief review of some central bank histories shows that reserve bank mandates change with countries’ needs, as can be seen from the three cases below.

The Bank of England (BoE) was founded in 1685 primarily to fund the war effort against France but the BoE mandate has been changed over the ages to meet the government’s needs of the times (for instance funding the war effort during the First World War and to the dual mandate of price stability and full employment in these modern peace times).

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