Blanchard and Summers warn on central banks' democratic deficit

Olivier Blanchard

A panel made up of central banking heavyweights and chaired by outgoing Bank of England governor Mervyn King last night voiced concerns of a democratic deficit for independent central banks that find themselves enlisted by governments in the fight against economic stagnation and financial instability.

Olivier Blanchard, who directs the International Monetary Fund's research department, described the widespread independence of central banks as "one of the major achievements of the last 20 years",

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