Establishing Monetary Stability in Emerging Market Economies by Thomas D Willett

Author:Thomas D Willett [Willett, Thomas D]
Language: eng
Format: epub
ISBN: 9780429743641
Goodreads: 44598593
Publisher: Routledge
Published: 2019-03-07T00:00:00+00:00

Legitimacy and Accountability

The central banks covered in this study derive their democratic legitimacy from their national parliaments and are governed by parliamentary statutes. The banks are therefore directly accountable to the law or the parliament. In order to facilitate the exchange of information between the government and the bank, the central bank governors in these countries have the right to attend meetings of the executive branch in an advisory capacity and to state the bank's position in relevant policy matters. (The governor of the National Bank of Hungary may only attend meetings dealing with matters affecting the tasks of the central bank.) In Poland the bank governor may attend parliamentary sessions as well.18 Finally, the central banks of Bulgaria, the Czech Republic and Slovakia have an obligation to (at least) twice a year inform parliament about monetary policy, and in Hungary it must report once a year. In the Czech Republic and Slovakia a report to the general public must be issued every three months. The most elaborate reporting requirements exist in Poland. There are no explicit reporting requirements in Slovenia. These provisions are designed to facilitate monitoring of central bank policies by the government and society at large.

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