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. 


On Central Bank Independence

Let’s briefly take a step back to the world of 2018–19. Politicians were attacking central bank monetary policy and bank supervision across the world: from the US, via Italy and Turkey, to India. Powerful private sector actors wanted central banks to buy equities from them whenever the next recession arrived. And technocrats themselves were embracing think tank calls to steer the supply of credit to tackle climate change, inequality, productivity growth and other pressing social problems, even while some were hauled up for intervening in politics and so departing from their mission.