Paul Tucker and the unelected power

November 28, 2019

“During centuries, we thought about which place the central banks occupy in our democracies: the main error was given the chance to answer to this question to non-expert people”.

On November 27th, Bologna Business School hosted Paul Tucker, the former Vice-governor of the Bank of England, who presented to the Community BBS his latest book “Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State”.

A lucid analysis of the values ​​that guide the international economic system: “When a part of the government disappoints us, as happened during the last financial crisis, we will no longer vote for the same politicians. But we must be aware that voting is a sort of safety valve that helps us to express more what we feel about a given situation, rather than to guide our choices”.

Tucker emphasized how the approach of Western countries towards international central banks has changed.

The independence of the banks – according to Tucker – guarantees that monetary policy takes into account only the economic conditions of the country, without lending itself to the logic of building consensus­­.

  




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