83rd CARF Special Seminar : Sir Paul Tucker
FinishedDate : 2019.10.01
Sir Paul Tucker
Chair of the Systemic Risk Council, a fellow at Harvard Kennedy School
Former Deputy Governor of the Bank of England
“Is the age of independent central banks over, and should we care?”
Central banks are under attack and pressure from multiple directions. The president of the United States criticises the Federal Reserve; the Indian government sacked its governor; the Italian government wanted heads to roll at the Banca D’Italia; some British politicians condemn the Bank of England for being against Brexit. Others, particularly on the Left, want central banks to do more, including helping with climate change and inequality. Meanwhile, the ability of central banks to soften the next recession will be limited. Drawing on his book, Unelected Power, Paul Tucker will discuss whether we have come to rely too much on central banks, whether it is possible to cooperate with the fiscal authority without compromising independence, and how central bankers should try to return to their traditional role of maintaining a stable monetary system.
Date & Time
Tuesday, October 1, 2019 15:00-16:30
Conference room, 2F of Economics Research Annex (Kojima Hall)
Sir Paul Tucker is chair of the Systemic Risk Council, a fellow at Harvard Kennedy School, and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State (Princeton University Press, 2018). His other activities include being a director at Swiss Re, President of the UK’s National Institute for Economic and Social Research, a senior fellow at the Harvard Center for European Studies, a member of the Advisory Board of the Yale Program on Financial Stability, and a Governor of the Ditchley Foundation. Previously, he was Deputy Governor at the Bank of England, sitting on its monetary policy, financial stability, and prudential policy committees. Internationally, he was a member of the G20 Financial Stability Board, chairing its group on resolving too-big-to-fail groups; and a director of the Bank for International Settlements, chairing its Committee on Payment and Settlement Systems.