A tale of two central bank governors ZOOMING IN Rudy Romero 03/19/2010

A tale of two central bank governors

ZOOMING IN Rudy Romero 03/19/2010 To be able to do a good job of making its monetary policies, the members of a country’s monetary policymaking authority, or central bank, must not be subservient to the political leadership of the nation and must be immune from dictation by any quarter. This prohibition applies particularly to the governor of a country’s central bank, who is the head of what I regard as the fourth branch of government and personifies the institution that is the sole banknote-issuing authority of every territory in the world except the Special Administrative Region of Hong Kong. From time to time, central bank governors are subjected to pressure, undue influence, intimidation or outright coercion by the governments of their countries. Stated differently, a country’s political leaders occasionally resort to pressure undue influence, intimidation or.... MORE Source:  The Daily Tribune ALTERNATE URL: http://www.tribune.net.ph/commentary/20100319com3.html

COMMENTARY EDITORIAL Bred in civil society culture FRONTLINE Inconsistency is their name ZOOMING IN A tale of two central bank governors NO HOLDS BARRED Broken record DIE HARD III Persuading the youth FEATURE Year of the Tiger billed as last stand against extinction focus Rise of ‘homegrown’ threat changes face of terrorism