Stiglitz slams ‘unconscionable’ central bank independence

Joseph Stiglitz

Joseph Stiglitz, a Nobel Prize-winning economist, has attacked the principle of central bank independence, saying central banks have too much financial power to remain as unelected bodies.

Delivering a speech at an event organised by the Reserve Bank of India, Stiglitz said central banks suffered from an inherent conflict of interest, drawing many of their top managers from the banks they were supposed to be regulating. By contrast, the consumers affected by banks' misconduct were excluded from