In an article for French financial newspaper La Tribune, Bernard Cherlonneix, chairman of the “Institut pour le renouveau démocratique”, took a closer look at the role of central banks today’s economy.
Mr Cherlonneix argues that central banks are in a state of what he calls "fearful schizophrenia" and questions how they can justify advocating “orthodox fiscal management” whilst at the same time practicing contradictory loose monetary policies and espousing “prudential” regulation at the detriment of the real economy.
Adding his voice to those of civil society organisations such as BETTER FINANCE, he calls for a greater involvement by the private sector and civil society in decision-making circles and to break with the tradition of secrecy that surrounds these.
BETTER FINANCE together with other civil society organisations, insists that central bankers and politicians take public interest at heart and discard the influence of powerful private interests that are to the detriment of society at large.
Read the full article here.