Most governments can change mandates without consulting central banks

Most jurisdictions’ central bank laws either limit or forbid monetary financing

Most central banks participating in the Governance Benchmarks 2023 say governments can change their legislative mandate without consulting them.

All 43 central banks said statutes passed by the legislature govern their powers and mandates.

In 93% of participating jurisdictions, the central bank law specifies the degree of independence the institution enjoys. In 88% of jurisdictions, the law either prohibits or restricts the government’s ability to receive monetary financing from the central

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