Central bank (in)solvency

Washington and Old Europe face off. Billions of dollars are at stake. The issue? Central bank accounting standards. Prop up those drooping eyelids and read on. These debates could affect the financial independence of every central bank.

So what is going on? To understand the "perfect storm" breaking over central bank financial reporting, some background is in order. Turn the clock back to 1998 and remember the brouhaha surrounding IMF loans to the National Bank of Ukraine. Concerns that the

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