Central banks need to adapt to the changing economic environment by rethinking their independence. In the past, central banks focused on controlling inflation, but now they also need to consider deflation and government debt. It's important for central banks to have independence to lead economic policy effectively. A new model called the constitutional model suggests that central banks should have a check on government economic policies. Central banks should be more active in checking government policies to create better economic outcomes. Public understanding of central bank independence is crucial for effective economic governance.