Comment:Euro area central banks begin to modernise

Central banks are busy modernizing themselves - indeed, it has become an important element in building credibility. That process almost always involves staff cuts.


One of the leaders of the modernisers, Sweden's Riksbank, has cut staff from 1,136 to 430 in the past ten years. In the book, Central Bank Modernisation (Central Banking Publications, 2005), Leszek Balcerovicz, president of the National Bank of Poland, describes how in 2001-2003, he was able to reduce staff by

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