Many central banks have formal safeguards over firing governors

Benchmark respondents give details of how governors are appointed and dismissed

Most respondents to Central Banking’s governance benchmarking exercise have a framework setting out well-defined methods both for appointing and dismissing governors. In particular, the governors of most of the responding central banks cannot be dismissed by their country’s government without serious cause. Just three out of 34 respondents said their boards or equivalent governing bodies are consulted over both the appointment and dismissal of governors. They are more likely to have the right to

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