Blanchard Cautions Central Banks May Become ‘Too Powerful’

Monday, 25 Mar 2013 03:14 PM

 

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International Monetary Fund Chief Economist Olivier Blanchard cautioned that independent central banks may become “too powerful.”

“Do you actually want to give the independent central bank the right to choose loan-to-value ratios without any supervision from the political process?” Blanchard said in a speech at the London School of Economics. “Isn’t this going to lead to a democratic deficit in a way in which a central bank becomes too powerful?”

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