Improving institutional governance in central banks

Advocating "improved governance" is fashionable, and with every justification. Central banks, faced with the consequences of poor governance at some financial institutions, are amongst the advocates. So it is ironic that the governance arrangements of many central banks would fail to meet the requirements for listed corporate entities or regulated financial institutions within their own jurisdictions. It is also worrying - those who do not practice what they preach weaken their credibility.