Central bankers on the ground - Raghuram Rajan

.........Indeed, perhaps a better explanation is that instead of creating more room for central bankers, the banking rescues narrowed their political room for manoeuvre. Perhaps what forced central bankers to act creatively was the political difficulty of doing nothing after having spent billions rescuing private banks. After all, how could one let a technical hitch like the zero lower bound on nominal interest rates stand in the way of rescuing Main Street when innovative financing facilities had been used to save Wall Street? Once central bankers undertook the necessary rescue of banks, perhaps they became irremediably entangled in politics, which made quantitative easing an inevitable outcome..........

Read - Mint