Finance ministry rep: a guest, a partner or an intruder?

Many central banks let government officials participate in policy meetings. Is that wise?

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In March 2022, Mexican president Andrés Manuel López Obrador told a press conference the central bank had raised its policy rate by 50 basis points, to 6.5%. Given the inflationary pressures at the time, this was not surprising in and of itself. What was shocking was that the Bank of Mexico had yet to announce the rate increase.

It is customary for an official from the Mexican treasury to attend – though not vote – at Bank of Mexico monetary policy meetings. This official gives the government

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