A.The science of central banking is still evolving. B.The concept of an independent central bank evolved in advanced economies and finds its roots in the successful anti-inflationary policy of Paul Volcker in the U.S. between 1979 and ‘82. C.The need is to recognise that there is a clear distinction in the functioning of central banks in advanced and emerging market economies. D.In 1900, there were hardly a dozen central banks and each had been initially created to dispense some specific function of the government, mainly to issue currency and coinage or manage foreign exchange reserves. E.The evolution, as always, has not been easy and has had its share of challenges.

A.The science of central banking is still evolving. B.The concept o

1.	A.The science of central banking is still evolving. B.The concept of an independent central bank evolved in advanced economies and finds its roots in the successful anti-inflationary policy of Paul Volcker in the U.S. between 1979 and ‘82. C.The need is to recognise that there is a clear distinction in the functioning of central banks in advanced and emerging market economies. D.In 1900, there were hardly a dozen central banks and each had been initially created to dispense some specific function of the government, mainly to issue currency and coinage or manage foreign exchange reserves. E.The evolution, as always, has not been easy and has had its share of challenges.
A.	A
B.	B
C.	C
D.	D
E.	E
Answer» D. D

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A.The science of central banking is still evolving. B.The concept of an independent central bank evolved in advanced economies and finds its roots in the successful anti-inflationary policy of Paul Volcker in the U.S. between 1979 and ‘82. C.The need is to recognise that there is a clear distinction in the functioning of central banks in advanced and emerging market economies. D.In 1900, there were hardly a dozen central banks and each had been initially created to dispense some specific function of the government, mainly to issue currency and coinage or manage foreign exchange reserves. E.The evolution, as always, has not been easy and has had its share of challenges.
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