These developments suggest a fundamental shift in the relationship between the state, financial institutions and economic policy. As fiscal space tightens, the government is increasingly leaning on financial institutions to support its political and developmental objectives.

For over two decades following the Asian financial crisis in 1997-1998, Indonesia followed a stable macro-financial blueprint. Fiscal policy pursued growth within strict legal limits, while Bank Indonesia focused primarily on price stability.

Financial regulators acted as "referees", focusing on market integrity and systemic health rather than directing where money should flow. This architecture was not perfect, but it successfully rebuilt global investor confidence.

That arrangement is now under visible strain. As Peter Hall (1993) observed, policy paradigms do more than provide tools; they define how a government prioritizes problems.

Today, the push for "alignment" between the central bank and fiscal authorities reflects a change in those priorities. Financial stability is no longer the ultimate goal; it has become a tool to sustain growth and fund strategic programs at a time when traditional financing is becoming scarce.

Personnel changes within economic agencies must be viewed through this lens. Appointments that bridge the gap between independent technocratic decision-making and political inner circles may meet legal requirements, but they fundamentally alter market expectations.