Accountability of 'rock-star' central bankers
Desmond King reviews 'Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State' by former deputy governor of the Bank of England, Paul Tucker.
Professor King contends that the philosophical question of how the 'legitimacy of delegating power to unelected officials' can be democratic is at the centre of the debate. Paul Tucker, he argues, is well-placed, and courageous, to examine the key issues of to whom central bankers are responsible and how their discretionary authority is monitored. Since the financial crisis of 2008, the scale of central bank's monetary intervention has increased to such an extent that Mr Tucker argues central bankers are no longer technocratic and neutral, but 'overmighty.'
Read 'Who do 'rock-star' central bankers answer to?' in the Financial Times.