"The rise of central bankers to the status of new ‘masters of the universe' has been matched by mounting allegations of political overreach. In the Eurozone, for instance, the European Central Bank has increasingly been accused of straying into the fiscal realm. Why do politically independent central banks engage intensely and publicly with government policies, thereby threatening the neat separation between monetary and fiscal policy that was meant to protect central banks themselves from interference? While existing political economy accounts have focused squarely on the issues of government debt and central bankers' fears of fiscal dominance, we argue for the emerging role of ‘financial dominance' throughout the crisis, thereby shedding light on the structural forces that master the new masters of the universe. To this end, we pursue a mixed-methods approach, combining quantitative text analysis techniques with a qualitative understanding of the context in which central banks communicate on fiscal policy."

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