Central banks are too powerful for their own good, says former Bank of England deputy governor

Central banks were forced to largely go it alone in the effort to save the world from economic ruin less than a decade ago, but it left monetary policy makers wielding too much power and vulnerable to a backlash that could undermine their independence, according to a former central banker who helped shape the global response to the financial crisis.

Paul Tucker, who served as deputy governor of the Bank of England from March 2009 to October 2013, takes an exhaustive look at the role of central bankers alongside other unelected experts in modern democracies, in his book, “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State.

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