Central Banks and Regulatory Power: At Odds With Democracy?

Almost a decade after the start of the financial crisis, the world’s major economies are enjoying sustained growth. But even as the economic cloud of the Great Recession begins to lift, economists and policymakers are still grappling with the legacies and controversies of the financial crisis. Some argue that central banks (and their unelected leaders)—along with regulators and judges—wield too much power for society’s good. Should we continue to rely on these institutions to steer the ship in times of crisis, or do they present a challenge to our democracies? How can the system be changed? Paul Tucker’s new book Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State will be available for purchase and signing from The Book Cellar following the program. SPEAKER: Paul Tucker, Fellow, Harvard Kennedy School of Government; Chair, Systemic Risk Council