Balancing transparency and discretion

Central banks face a variety of challenges in managing their finances. They need to ensure that neither the independence of the institution, nor the functions entrusted to it, are compromised by financial considerations. They are under pressure to demonstrate efficiency in their operations, yet while costs may be straightforward to measure, the associated benefits may be intrinsically difficult to assess. And as public-sector institutions they are expected to account for their actions, but some

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