What is the right size for a central bank board?

There is greater consensus for smaller boards in theory than in practice

National Bank of Romania board room
National Bank of Romania board room
Photo: National Bank of Romania

In November 2021, Mario Marcel – then governor of the Central Bank of Chile – appeared before a Chilean constitution committee.1 Among the battery of questions he faced about the past, present and future of the central bank, assembly member Mauricio Daza asked: “Does having five members on the board of the central bank, as is our current situation, seem appropriate to you?”

Daza’s brief question – what is the right size of the central bank’s board(s)? – is one with many answers in practice. In

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