Paul Tucker is the author of Unelected Power and Global Discord, a Fellow at the Harvard Kennedy School, and a former central banker.



The Independent Fed Is America’s Secret Superpower, Barron’s, May 2024

A message to economists: geopolitics matters too, FT, April 2024

A quiet revolution rocks central banking, Politico, Jan. 2024

How China and Cold War II Are Upending the International Order, Bloomberg, Dec. 2023

The best books on Geopolitics and Global Commerce, Five Books

How to avoid the Third World War, The Critic, March 2023

Ex-Bank of England Deputy Governor Paul Tucker on how quantitative easing has exposed government finances to rising interest rates,, May 2023

Paul Tucker Breaks Down the Changing World Order, National Review, March 2023

How Debt Ceiling Brinksmanship Jeopardizes U.S. Power, Washington Monthly, March 2023

European regulators criticise US ‘incompetence’ over Silicon Valley Bank collapse,  Financial Times, March 2023

The elites of Davos don’t run the world. They barely understand it any more, The Telegraph, January 2023

What Chinese and American Statesmen Need to Do to Lessen Global Discord, Lit Hub, Nov. 2022

The Guardian view on big finance: addicted to government handouts, The Guardian 19 October, 2022

Chancellor scrambles for sources of income to close £32bn hole in state finances – what are his options?, Sky News, October, 2022

Ex-BOE Official Tucker Suggests Cutting Payouts on Bank DepositsBloomberg, October 2022

Bank of England accused of failures on shadow bankingFinancial Times, August 2022

Fallout from Ukraine threatens the G20’s futureFinancial Times, April 2022

BoE nears watershed moment for global monetary policy, Gulftimes, December 2021

The Fed appointments process should be overhauledFinancial Times, 23 Nov., 2021

Tucker: Five years is too long for digital euro debateOMFIF, 24 Nov., 2021

Preserve the Fed’s Independence Above All Else, National Review, 19 Oct., 2021

UK mulls rule change to let banks trade with depositors’ money, Politico, 9 Sept., 2021

Do-It-All Central Banks Risk Rates Flexibility With New Mission, Bloomberg, 8 July, 2021

US Congress must ‘learn from ugly episode’ of GameStop trading, FT, 4 March, 2021

Sir Paul Tucker interview: QE has run its course, The Times, 21 Jan, 2021

Time to look again at the financial system’s dangerous faultlines, FT, 20 Jan. 2021

Regierungen streben immer nach Popularität, Freitag, 10 June 2020

‘A very big step’: Are we heading for negative interest rates?, Sky News, 1 June 2020

BoE risks losing credibility, warns former deputy governorFinancial Times, June 2020

The coronavirus crisis underlines dangers lurking in the financial system, warns former central banker, Market Watch, 13 April, 2020

How sick might banks get?, The Economist, 8 April, 2020

The Fed Has Averted a Systemic Financial Crisis—for Now.  Here are 3 Areas to Monitor, Barron’s, 6 April, 2020

Fed Sidesteps Congress’s Bickering With Sweeping Rescue Plan, Bloomberg Law, 23 March, 2020

Are central banks now impotent? Prospect, 23 March, 2020

A retreat from Wall Street, FT, 3 March 2020

Can it be right that Ofcom is so very powerful?Prospect, 2 March, 2020

Lower margins “extraordinary”, 12 Feb, 2020

Die Institution mit den sieben Siegeln, POLITIK & WIRTSCHAFT, Feb. 2020

Centre stage: political disputes have thrown central bank policy into the limelight, World Finance, 10 Feb. 2020

Sir Paul Tucker on Floors and Corridors, Alt-M, 20 Jan. 2020

The monetary king is dead. Long live the fiscal king, The Telegraph, 14 Jan. 2020

BOOK REVIEW: Unelected Power, Five Books, Dec. 2019

Detivatives clearinghouse resolution should be addressed by FSBMLex Market Insight, 31 Oct., 2019

The hero worship of central bankers has become obscene – democracies must put them back in their box, The Telegraph, 30 Oct., 2019

BOOK REVIEW by Ernst Baltensperger, Journal of Economics, 30 Oct. 2019

Paul Tucker reveals the one thing regulators didn’t get right, Practice Insight , 28 Oct. 2019

Banks are right to say that clearing houses are ripe for reform, Financial Times, 24 Oct., 2019

The last stand of the central banker, liveMINT, 2 Oct., 2019

The strangling of European democracy, Spiked, 23 Aug., 2019

Interview with Paul Tucker, Top of Mind, 8 Aug., 2019

FSB’s Domanski cool on bail-in debt for clearing houses,, 26 July, 2019

How to Make the Monetary System Safer, Barrons, 12 July, 2019

When the next crisis comes, don’t blame the central bankers, Spiked, 8 July, 2019

Powerful and alienating central banks: principles for a delegation of power to unelected institutions, SAFE, May, 2019

Have regulators created a new type of financial monster?, The Economist, 30 May, 2019

Unelected power?Pro & Contra, May, 2019
In the debate about interest rates, central banks are the key protagonists. Their decisions have far-reaching consequences, but unlike democratically elected governments, their power is not vested in them by way of election. Is this a problem? Sir Paul Tucker, former Deputy Governor of the Bank of England, and Professor Otmar Issing, former chief economist and former member of the Executive Board of the ECB, discuss the topic in an exchange of emails.

Fed Issues More Warnings on Danger of High-Risk Company Debt, Bloomberg, 6 May, 2019

How a Lone Norwegian Trader Shook the World’s Financial System, New York Times, 3 May, 2019

Notenbaken unter Beschuss, Donnerstag 25 April, 2019

Mario Draghi’s successor at the ECB has plenty to do, The Economist, 13 April, 2019

Trumpismus bedroht die US-Notenbank Fed, Handelsblatt 9 April, 2019

Critical CCP resolution plans not being prioritized, BobsGuide, 5 April, 2019

For US banks, billions in regulatory manna,, 9 Jan., 2019

Philip Cross: Central bankers can blame themselves for undermining their political ‘independence’ Financial Post, 9 Jan., 2019

Expert slår larm om skuggbanker: ”Oroande” SvD Näringsliv tisdag, 1 Jan., 2019

Harvardforskare om minusräntans gräns: ”Vore som Alice i underlandet” SvD Näringsliv tisdag, 14 Dec., 2018

Review of the Year 2018 and Outlook 2019, GlobalCapital, Dec., 2018

Stop sniping at central banks and set clear targets, Tim Hartford, 14 Dec., 2018

Centrale bankiers moeten op de lokale tv komen, Trends, 13 Dec., 2018

UK would need EU bank’s help in chaotic no-deal Brexit scenario, Sky News, 22 Nov., 2018

Are We Asking Too Much of Central Banks?, Yale Insights 21 Nov., 2018

Nationalbank: Wenn nicht jetzt, wann dann?Neue Zürcher Zeitung, 16 Nov., 2018

Central Bank Independence: Just How Much Power Do We Give Technocrats?Bloomberg Quint Opinion, 30 Oct., 2018

Why is Democracy Faltering?, Project Syndicate, 25 Oct., 2018

Institute of Economic Affairs Book Review, 25 Oct., 2018

The Taming of the Few, The American Interest, 16 Oct., 2018

So schwindet die LegitimitätTages-Anzeiger, 13 Oct., 2018

Ce n’est pas à Mario Draghi de sauver Rome, Le Temps, 8 Oct., 2018

Sir Paul Tucker backs calls for break up of Big Four, by Chris Newlands, Financial News, 8 Oct., 2018

Bringing accountability to powerful, unelected officials, Larry, 3 Oct., 2018

Overview: Democracy Or Technocracy? Tucker’s Book is a Bold Attempt But Falls Short, by Leon Wansleben, RADIX, Sept., 2018

He’s Blowing The Whistle On Central Banks, Ozy, 26 Sept., 2018

A banker’s quest for legitimacy, Inside Story, 13 Sept., 2018

Post Lehman: Are central banks too powerful?, LiveMint, 10 Sept., 2018

Populism thrives when bureaucrats wield total control, The Daily Telegraph, 8 Sept., 2018

Book Review by Richard N. Cooper: Unelected Power, Foreign Affairs, Sept./Oct., 2018

Ex-Bank of England deputy governor says ‘pay top bankers in bonds’, Financial News, 7  Sept., 2018

Post-crisis, Do Central Banks Wield Too Much Power?, Wharton, 30 Aug., 2018

Reining in Technocracy to Increase Democratic Legitimacy, Regulatory Review, 8 Aug., 2018

Paul Tucker on Unelected Power: A Technocrat against Technocracy ProMarket, 23 July, 2018

A Former Central Banker Tells Other Central Bankers: “Stay Away From Davos” ProMarket, 3 July, 2018

Time to look again at the role of consumer welfare in our competition policy, The Times, 26 June, 2018

Das ist gefährlich, BILANZ, July 2018

‘Unelected Power’ Review: Monetary Mavericks, WSJ, 28 June, 2018

The Guardian view on hyper-populism: it’s infecting politicians and technocratsThe Guardian, 24 June, 2018

How Democratic Is The Euro?, Social Europe, 18 June, 2018

A Central Banker’s Plea for Less Power, Bloomberg, 17 June, 2018

Unelected central bankers are too mighty for everyone’s good, says former policy maker, MarketWatch, 15 June, 2018

Unelected power: banking’s biggest dilemma, NewStatesman, 13 June, 2018

New City Agenda with Paul Tucker, New City Agenda, 12 June, 2018

Central bankers are getting nervous about their cherished independenceProspect, 1 June, 2018

Take Tucker’s tip, Standpoint Magazine, June, 2018

Les banquiers centraux doivent battre en retraite , LeMonde, 2 June, 2018

Controlling the Supreme Court of Finance, Project Syndicate, 31 May, 2018

Die unheimliche Macht der Notenbanken, Die Weltwoche, 30 May, 2018

Delegating power to the governors: Tucker’s framework for central banking OMFIF 22 May, 2018

Making Unelected Power Legitimate Money, Banking, and Financial Markets, 21 May, 2018

Center for Financial Stability with Lawrence Goodman interview CFS, 17 May, 2018

The Only Game in Town: Central Banking as False Hope ProMarket, 14 May, 2018

The limits of central banks’ independence – public support? Policy Exchange, 10 May, 2018
Policy Exchange was pleased to welcome Sir Paul Tucker to launch his book Unelected Power: The quest for legitimacy in central banking and the regulatory state. The book explores two issues that Policy Exchange takes a serious interest in: monetary policy and financial market regulation, and the tendency for policy decisions to be taken by technocratic elites that are removed from direct political guidance and oversight. These are the issues that are at the heart of our Judicial Power Project. They are also reflected in a wider range of institutional questions touching on matters ranging from utility regulation to competition policy.

Who do ‘rock-star’ central bankers answer to? Financial Times, 10 May, 2018

Tucker: Transparency Is Important, The Age of Mystique is Gone  Bloomberg Surveillance, 10 May, 2018
Paul Tucker, Former Deputy BOE Governor and Author of ‘Unelected Power,’ believes that Central Bankers are becoming the poster boys & girls of people making decisions that we didn’t elect.

A veteran central banker’s advice to Congress and the Fed on how best to preserve the Fed’s independence Brookings Institution, 9 May, 2018
Paul Tucker, drawing from his 33 years as a central banker, says that Congress should be much more specific about the objectives it wants the Federal Reserve to achieve and the Fed should try harder to explain what it’s doing.

The Exchange: Putting limits on central-bank power Reuters, 4 May, 2018
Central bankers emerged from the financial crisis with more clout than ever before. Can this be reconciled with democratic legitimacy? Former Bank of England Deputy Governor Paul Tucker explains why monetary authorities have become “overmighty citizens”, and how to rein them in.

Reducing the Power, The London Institute of Banking and Finance, Financial WorldApril 2018

Central banks ‘lack firepower needed to deal with recession  The Times, 30 April, 2018
The Bank of England may face questions about its legitimacy should another recession strike before it has raised interest rates and rebuilt its monetary policy war chest, a former deputy governor has warned.

We haven’t killed off the culture of greed, warns Sir Paul Tucker  The Times, 12 Aug., 2017
Sir Paul Tucker, former deputy governor of the Bank of England, remembers the run on Northern Rock rather differently from the televised images of queues snaking out of the one-time building society’s branches nearly a decade ago.

Sir Paul Tucker warns of complacency on bank risk Financial Times, 30 Nov.,2017
Sir Paul Tucker, the former deputy governor of the Bank of England, has warned policymakers to increase banks’ equity capital requirements to avoid projecting a false sense of security about the likelihood of coping smoothly with the failure of large banks.

Central banks ‘have never been on thinner ice’ MarketWatch, 8 Oct., 2016

The objectives of financial stability policy VOX CEPR’s Policy Portal, 28 Feb., 2016
The objective of financial stability policy is unclear. Is it the resilience of the financial system, avoiding the costs of systemic collapse, or managing the credit cycle, containing the costs of resource misallocation and over-indebtedness? This column argues that the answers have serious implications for what can decently be delegated to independent ‘macroprudential authorities’, but have barely been debated in those terms.

Former BoE deputy Sir Paul Tucker to chair US advocacy group Financial Times, 9 Dec., 2015
Paul Tucker, the former Bank of England deputy governor, has vowed to use his role as chair of a regulatory advocacy group to ensure policymakers’ commitment to reform the financial system does not wane as the crisis fades from memory.

Bank regulators need strong principles and firm rulesFinancial Times, 18 June, 2014

To book Paul Tucker for a speaking engagement, contact Harry Walker Agency.

For complete video archive, visit Paul Tucker’s YouTube page.