Please submit your concern

Explanation:

If the role of the Central bank has turned out to be subordinate and advisory in nature, it is unlikely that a decision by its chairman can send shock waves anywhere. Therefore, option 1 is not in line with what is presented in the paragraph.
Option 4 talks about the inability of the government and is unrelated to the argument in hand. Therefore, it can be eliminated.
Option 3 points at an autonomous decision making ability of central bank which is related to monetary policy. This is against what the paragraph says. The author says that it does not have even limited sense of freedom in its right to pursue monetary policy. It needs to coordinate with the central government. Therefore, we can rule out option 3 as well. Option 2 gives an example of how government overruled reservations of Central Bank by resorting to monetization of the debt which shows that the government has an upper hand and that Central Bank has limited freedom to go against it.  That conforms to what the paragraph has put forth.
Hence, the correct answer is option 2.

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