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Volume 50, Issue 1


The Status of the Central Bank

Čihák, Martin

Year: 2000   Volume: 50   Issue: 1   Pages: 53-57

Abstract: The article summarizes the main points discussed at the seminar on ?The Status of the Central Bank,? held by the Czech Economic Association in October 1999. The seminar was assembled as a panel discussion, with a panel composed of nine respected Czech monetary economists. The seminar considered the following questions: Should the central bank be an independent institution? Should it have a well-defined policy target(s)? How would these targets be formulated? Who would formulate them? How should candidates for the governing board be chosen and who should take part in the selection process? How should the responsibilities of the board members be defined? As regards the current institutional setting of the Czech National Bank, a majority of the panel members recommended the separation of the monetary policy from banking supervision and from the management of the central bank itself; greater transparency in the selection of board members and in monetary policy; and that monetary policy targets be subject to the joint authority of the central bank and the government.

JEL classification: E58

Keywords: central banking


RePEc: n/a

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