S4 Ep22: Director's Cut: Central banking and the problem of unelected power

Paul Tucker, former deputy governor of the Bank of England, joins
Bruegel director Guntram Wolff to discuss the thesis of his new
book, as well as the current tensions within current models of
central banking governance.


On the agenda is the contention that there is, and even should
be, a limit to the level of responsibility that a central bank
can reasonably be expected to shoulder. Some decisions have such
far-reaching consequences that we might prefer they be made by
elected, rather than appointed, officials.


Paul Tucker presented his book in an event at Bruegel in May
2018, with Bruegel deputy director Maria Demertzis hosting a
debate between Paul Tucker, Joanne Kellermann, former member of
the Single Resolution Board, and Jean Pisani-Ferry, mercator
senior fellow at Bruegel.


For further reading, consider 'Central Banking in Turbulent
Times' - a book co-written by Bruegel senior fellow Francesco
Papadia with Tuomas Valimaki, launched at a Bruegel event in
April 2018.


Additionally, we recommend reading Silvia Merler's collation of
economists' opinions on the current state of central banking in
an age of populist politics.