The Power of Coordination and Deliberation
Journal article: I provide comments and replies to the seven insightful contributions that discussed “The Democratic Challenge of Central Bank Credit Policies” and the proposal for a European Credit Council. I review how interdisciplinary scholarship on the political economy of central banking have shown the limits of simple principal-agent framework applied to central bank power and legitimacy. I emphasize why a change to central bank independence is not necessary for a fundamental change in the financial system and credit policies. I also argue that deliberations can have strong effects on decision-making and that the power of the people is not restricted to the legislative power.
Author(s)
Eric Monnet
Journal
- Accounting, Economics and Law: A convivium
Date of publication
- 2024
Keywords JEL
Keywords
- Central banking
- Monetary policy
- Credit policy
- Deliberative democracy
- Central bank independence
URL of the HAL notice
Version
- 1
Volume
- 14