Finnish deputy outlines credibility triad
Pentti Hakkarainen, the Bank of Finland deputy governor, yesterday identified three factors he believes are necessary to secure central bank credibility and, in turn, effective policy-making.
Hakkarainen, speaking at a Bank for International Settlements (BIS) workshop on central bank finances, said that a central bank's financial position, its legal independence and the quality of its communications together shape its credibility.
He said the three factors can support each other through their
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