BIS's Knight on an effective central bank

In a speech on 'Features of an effective central bank: some lessons of the past decade' given on 30 March, Malcolm Knight of the BIS said maintaining and furthering Brazil's achievements in the area of central bank independence and transparency would do much to help Brazil confront the future.

"It needs to be recognised that financial systems worldwide are becoming more market-oriented and capital markets deeper. Increasingly, the relevant interest rate for governments and corporate borrowers is

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