Central banking was given to technocrats whose job is to make the difficult decisions. But there are parameters. And within these, central bankers must act independently, without fear or favour.
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Articles on Central Bank independence
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The decision by eight Francophone states to delink their common currency from France won’t be without challenges.
Volcker’s legacy involves more than fighting inflation – he showed why central banks need to remain free of meddling from politicians, including the president.
Central banks are expected to act without fear or favour. But to deal with climate change, they may have to encourage financial institutions to favour certain types of activities over others.
President Trump has discussed firing Fed Chair Jerome Powell over the central bank’s interest rate policies. Research shows this kind of political meddling is usually bad for the economy.
President Trump has been attacking the Federal Reserve for months and appears intent on nominating political allies to its board. An economist explain what typically happens next.
Top contributors
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Professor of International Economic Affairs at The Fletcher School, Tufts University
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Professor: International Business & Strategy, Wits Business School, University of the Witwatersrand
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Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria
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Reader (Associate Professor) in Law, University of East London
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Associate Teaching Professor, McCourt School of Public Policy, Georgetown University
