Conflicts of interest in central banking

ECB governing council

When a financial crisis erupts, central banking becomes more complicated. Central banks then have to take ‘non-standard’ measures, most of which have a quasi-fiscal character. Since the start of the crisis central banks all over the developed world thus expanded their balance sheets massively, acquiring the sorts of assets they would normally have considered too risky. These asset purchases involve delicate decisions, trading off financial stability against taxpayers’ interests, and perhaps even

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