Modernising central banks

The last decade has seen a new model of central banking adopted around the world. Its two main pillars are well known: operational independence coupled with a statutory goal of price stability. But as central bankers are well aware, to get the best out of the new model requires a close look at all aspects of a central bank's activities, governance and organisation. Central bankers everywhere are asking whether the processes and governance arrangements of their predecessors are fit for the future

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