Blanchard and Summers warn on central banks' democratic deficit

blanchard
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",

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: