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. 


The political economy of central banking in the digital age

An issue which many central banks have recently become interested in is how the new technology affects central banks: what central banking is and what central banks do? In 2004, I aired the possibility of the Bank of England issuing e-money at an annual strategy meeting. Since leaving central banking, my preoccupations have been less with substance than with the political economy of unelected power, of which today’s post-crisis central banks are, of course, the epitome. I am therefore going to try to put the substantive issues raised for central banks by the new technology into a political-economy framework. CLICK HERE FOR THE FULL TEXT