Interest rate setting policy should not be the preserve of elites. It should be managed by democratically elected politicians who are accountable to a parliament and their electorates for the decisions that they make, especially when they are inappropriate and harmful.
Whether this is more democratic or not it will lead to higher interest rates. Because those folks out there in the markets, the people looking for places to save their money, don’t trust politicians. Or even, think they might set rates for democratic reasons – like getting re-elected – rather than economic ones. Thus market rates are higher in places where politicians set interest rates not even roughly independent central banks.