cape cod 5 bank On the other hand, the surge in yields makes interest rates look more attractive than in developed economies, a situation that has been rare since late 2010: Independence is more difficult in an age when cross-border spillovers of national monetary policy become powerful. These spillover effects make central Banks consider the impact of their policies on foreign and global systems. But it is difficult to pursue global goals when the central bank operates under the narrow, centralized mandate of its independence, and is close to impossible.