TWILIGHT OF THE TECHNOCRATS.

To tame that risk, the Fed and the ECB, under Yellen's and Draghi's non-economist successors - Jerome Powell and Christine Lagarde, respectively - have adopted an astonishingly undogmatic and expansive approach to stabilization. If there is such a thing as a technocrat, Janet Yellen, the new U.S. treasury secretary, and Mario Draghi, Italy's new prime minister, are it. 2015 Yellen announces the decision to raise interest rates 2021 Yellen becomes U.S. treasury secretary. For the last 30 years, both Yellen and Draghi have held positions of high authority, culminating in the period between 2014 and 2018 when they overlapped as the heads of the U.S. Federal Reserve and the European Central Bank (ECB), respectively, the two most powerful central banks in the world. [Extracted from the article]