Central Banks Debate
Central Banks Debate
Be it resolved, central banks have not adequately represented the public interest.
Just when inflation seemed to finally be cooling, high interest rates claimed their first major victim: Silicon Valley Bank. And yet, central banks around the world claim the job is not finished, and more needs to be done to curb runaway inflation. But for some economists and business insiders, the latest debacle confirms a long-held belief that central banks have largely failed as public institutions. Their supposed neutrality is a farce, and they are inherently political bodies run by unelected officials. Democracy requires more than accountability, transparency, and good deliberation. It requires democratic power: the power of the people and their elected officials to steer policy. They argue central banks are in desperate need of transformation to better serve the economy and the public. But others argue that the central bank has largely succeeded at seeing the global economy through turbulent times over many decades. The fact that central bankers play an important role in society, but are unelected, does not mean that central banks by their very nature are inherently democratic. And while some minor reforms may be warranted, central banks have been and remain one of the most resilient and effective public bodies.
You may also like

September 19, 2023
– Watch
Liberalism in Crisis

September 19, 2023
– Listen
Traditional Gender Roles Debate

September 15, 2023
– Listen
Friday Focus – Big Israel / Big Iran & Progressivism

September 12, 2023
– Listen
Munk Dialogue with David Brooks

September 26, 2023
– Listen
Munk Dialogue with Fredrik DeBoer

September 29, 2023
– Listen
Friday Focus – Canada’s Shame & U.S. Shutdown

September 22, 2023
– Listen
Friday Focus – Canada-India Bust-up

September 8, 2023
– Listen
Friday Focus – G20 or G-zero?

October 4, 2023
– Listen
DEI Workplace Training

October 6, 2023
– Listen
Friday Focus – House Rules

October 9, 2023
– Listen
Friday Focus Special Edition – ‘The targets were overwhelmingly civilians’: Janice Gross Stein on the surprise attack on Israel

October 11, 2023
Comments (0)
Locked content
Join to unlock
Join