By Siklos P.L., Bohl M.T., Wohar M.E. (eds.)
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Additional resources for Challenges in Central Banking
Bohl, and Mark E. Wohar that a large number of central banks could take measures to improve their committee framework. An important ﬁnding is that the monetary policy committee of the Bank of England is the best-practice committee. On the basis of this metric, the committee structure of other central banks could be improved. It is clear, however, that much remains to be learned about committee behavior and structure. Indeed, Maier’s review makes clear that this is an area that is particularly multidisciplinary in nature.
Much blame has been laid at the failure of agencies of all kinds in understanding and informing policymakers and the public about the dangers of complex ﬁnancial instruments and transactions. How supervision can be designed to mitigate the kinds of shocks world ﬁnancial markets have been experiencing is, of course, unclear, but will be on the agenda for future research. Finally, just as Hayo and Hefeker point out the endogeneity of the CBI criteria, there is similarly an endogeneity in the determinants of good governance in supervision.
The Bank of England’s monetary policy committee is an example of a highly formalized committee structure. In contrast, the Bank of Canada, mentioned as a central bank with a monetary policy committee, is one in which the committee structure is not mentioned in the legislation and has no legal standing. In addition, it is the governor who is the sole spokesperson of the central bank. Yet, the Bank of Canada’s performance in delivering good monetary policy has been stellar. Two other considerations not emphasized in Maier’s contribution need to be made.