Independence
OECD tells Brazilian government to stay quiet on interest rate policy
New report urges government to stop commenting on future trajectory of interest rates, and set fixed terms for MPC members ‘during which they cannot be dismissed'
BIS' Caruana identifies ‘new' threats to central bank credibility
Central bank independence is under pressure from unprecedented monetary policies, says BIS manager; argues banks' ‘credibility in fulfilling their mandates' is at stake
Blanchard, Cecchetti, Frenkel and Taylor debate limits of central bank independence
Illustrious panel at Bank of Mexico conference debates pros and cons of central bank independence; Cecchetti says full independence is ‘at odds’ with democracy
A sad ending to Summers versus Yellen
The politicisation of the debate over who should be the next chair of the Federal Reserve may be a sign of the times, but it is a sad day for central banking, argues Thomas Cargill
Central banks are getting more transparent, study finds
Study conducted by Barry Eichengreen and Nergiz Dincer finds trend towards greater transparency was not knocked off course by the financial crisis; independence, however, is more patchy
Peru's congress axes central bankers one week after appointment
New directors at the central bank are among recent government appointees who have been rejected following street protests
Robert Pringle’s Viewpoint: Rebalancing the fraught relationship between governments and central banks
The growing politicisation of central banking involves central bankers needing to make difficult judgement calls on the areas that lie outside of their competence
ECB voices fresh concern over Central Bank of Cyprus' independence
European Central Bank says draft law on the governance of the Central Bank of Cyprus contains a number of threats to its independence; follows earlier intervention by Mario Draghi
Liikanen adds voice to defenders of central bank independence
Bank of Finland governor calls value of central bank independence a ‘lasting lesson’ of recent decades; cautions that both fiscal and financial dominance represent threats
Independent Scotland would face ‘significant risks’ under sterling union, says Westminster
UK government report points to drawbacks of all the currency options for an independent Scotland; refuses to back Scotland’s preference for a sterling union
King says independence is a tricky course to steer
BoE governor says central banks are expected to be partially, fully and non-independent in different parts of mandate, which is almost impossible; outvoted again at latest MPC meet
IMF says independent central banks have ‘muzzled’ the inflation threat
World Economic Outlook says central banks have little reason to fear inflation resulting from loose policy – so long as their independence is upheld
Thatcher's stance on the ECB deserves re-appraisal
Former UK prime minister Margaret Thatcher feared an independent ECB ‘accountable to no one, least of all national parliaments'. Her concerns seem even more relevant today
Sarb’s head of financial stability fears new powers may cause conflict
Hendrik Nel says the Reserve Bank was not given much choice but to accept new supervisory powers; warns of conflict with monetary policy and possible threat to independence
Blanchard and Summers warn on central banks' democratic deficit
Axel Weber opposes supervisory role for central banks, as Olivier Blanchard and Larry Summers warn expanded mandates cause questions over democratic accountability
BoJ changes represent the death knell for central bank independence
The growing policy crisis caused by central banks taking on roles beyond price stability and lender of last resort is not down to 'independence' – as the BoJ case points out
Vietnam central bank needs clearer mandate not independence
The Vietnamese government should worry less about meeting calls for more legal independence for the State Bank of Vietnam and think more about relieving the central bank from some of its wide-reaching responsibilities, says new Central Banking Journal…
State Bank of Vietnam needs a single mandate not independence
Lessons from South Korea, Japan and the US indicate a single mandate would benefit the State Bank of Vietnam more than an IMF call for legal independence.
Central bank independence: more myth than reality?
Crisis responses are placing a heavy burden on many central banks. But there is no evidence showing that legally independent central banks have a better track record in monetary policy
Taylor challenges efficacy of central bank independence
Without a rules-based framework central banks tend to stretch the bounds of their independence, and the results tend to be poor, John Taylor says
Bundesbank president staunchly defends independence
Jens Weidmann speaks out against the increasing politicisation and expansion of central bank mandates
Fears over BoJ independence as central bank bows to government
Commentators express concerns over the Bank of Japan’s independence as the central bank introduces 2% inflation target and open-ended asset purchases
Stiglitz slams ‘unconscionable’ central bank independence
Economist Joseph Stiglitz attacks central bank independence, saying conflicts of interest and recent interventions amounting to fiscal policy are unjustifiable for a non-elected body
Former Seychelles governor denies drawing double wage
Pierre Laporte repudiates claims he is receiving dual salaries from the government and central bank; follows circulation of an anonymous letter accusing him of corruption