Former central banker Paul Tucker is the chair of the Systemic Risk Council, a Fellow at the Harvard Kennedy School, and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State. 

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The Governance of Monetary and Financial Stability Policy

The Clearing House: Banking Perspectives

Since the financial crisis, the world’s major central banks have accumulated much more power. Is that OK? Does it fit with our democratic values? The delegation of power by legislatures surely needs to do so if central bank independence, and even confidence in our system of government itself, is to be sustained.

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