Former Bank of England Deputy Governor Paul Tucker has written a book about accountability and central banking. Have central banks become “overmighty citizens”, with too much power and insufficient democratic input? If so, does it matter and what can we do about it? In an era of QE, and bailouts of commercial banks, wealth inequality has widened in most developed economies. Did society agree that this outcome was what it wanted when central bankers “saved the world” in the Great Financial Crisis? I think this is an incredibly important book. In this short video I ask Paul about these important dilemmas and what democracies should do about this “unelected power”. We’re also running a competition to win one of five copies of the book. You’ll find the question and how to enter below.
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