In the Forbes list of the World’s Most Powerful People for 2012, Ben Bernanke, then the chair of the US Federal Reserve, held the sixth position, while Mario Draghi, then the president of the European Central Bank, came in at number eight. They were both ranked above Chinese President Xi Jinping.

As the global economy struggled with the aftermath of the global financial crisis that began in 2008, and its European cousin, the eurozone crisis, central banks were in the driving seat, easing quantitatively like there was no tomorrow. They were, it was often said, “the only game in town.” Even at the time, some thought there was an element of folie de grandeur in their elevation.