Economics
Central Banks’ Expanding Mandates Raise Independence Questions
- Bank oversight, financial stability creep on to-do lists
- Policy makers, academics discuss at conference in Vienna
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Central banks aren’t what they used to be, and that might have implications for their independence.
The financial crisis and its aftermath thrust monetary officials into the spotlight of international policy-making as they took unprecedented steps to prevent market and economic meltdowns. In some cases, that meant giving them responsibilities that go well beyond guaranteeing price stability, the primary mandate for most central banks.