Independence
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
This book delves into the political science perspective of central banking since the 1970s but lacks nuance and depth
Do Trump/Doge materially threaten the Federal Reserve?
Experts weigh in on the danger levels for the US central bank, including whether it is overstaffed
Nabiullina: still Putin’s most effective general
Even Russia’s enemies say its central bank governor has played a bad hand well. But for how much longer?
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
Over 40% of central banks lack formal recapitalisation agreement
Ten banks were recapitalised in the past year
Some central banks report pressure to change monetary policy
Central banks mention financial and political factors impacting independence
One in five central banks pays unrealised gains to government
Most central banks have a formal agreement in place for sharing profits with government
ECB framework needs ‘few tweaks’ – panellists
Digital euro is “even more important” in the wake of Trump CBDC ban, says BdF governor
Trust in Fed leads to lower inflation expectations – study
Political alignment shapes perceptions of central bank and views on economic outlook, NBER paper finds
Tunisia’s president ‘gambling’ with central bank
Analysts say ruler’s attempts to erode bank’s independence create serious risks for economy
Tunisia’s president calls for say in setting monetary policy
Saied reportedly makes demand during meeting with central bank governor
Powell: ‘We’re close, but not there yet on inflation’
Fed chair also addresses bank independence, climate risk and CBDCs during testimony before Congress
Thailand resumes selection process for central bank chair
Position on BoT board set to be filled after months-long delay caused by political dispute
Fed holds rates amid pressure from White House
Powell says he has had no contact with Trump since president said he would “demand” easing of policy
Lagarde laments looming pressure on central bank independence
ECB president nevertheless says that loss of independence remains “unlikely”
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
Central banks’ words matter for climate
Line between EMEs speaking about greening finance and AEs being wary of climate risks are blurring, argues Emanuele Campiglio
Accounting for banknotes
Three leading experts on central bank finances debate the appropriate treatment of currency
Government loyalist deemed ineligible for BoT chairmanship
Council of State raises issue with Kittiratt na Ranong’s previous political office
Central banks need to foster trust – ECB report
Instilling public confidence helps in achieving policy objectives and maintaining independence
Central banking amid uncertainty and Trump 2.0
Deglobalisation set to challenge the central banking orthodoxy of the past 40 years