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Amazing paper from @ecb researchers this morning.
The paper talks about central bank independence, which is fine. But then at the end it decides to rate a selection of central banks.
(which obviously I am now going to do a thread on)
The paper talks about central bank independence, which is fine. But then at the end it decides to rate a selection of central banks.
(which obviously I am now going to do a thread on)
First off, obviously, is the ECB itself.
And, clearly the central bank held up the mirror and liked very much what it saw
And, clearly the central bank held up the mirror and liked very much what it saw
Surely the @federalreserve would get a similar glowing rating, right?
Well, no. The Fed is at risk of falling from the One True Path because Trump
Well, no. The Fed is at risk of falling from the One True Path because Trump
Ok, but the Bank of Japan, that's independent, right?
Hell no, haven't you heard of Abenomics?
Hell no, haven't you heard of Abenomics?
Are you listening Argentina? The @ecb knows that you know what you have done.
Turkey!
You didn't look after your independence and now you have lost your CREDIBILITY!!
You didn't look after your independence and now you have lost your CREDIBILITY!!
The @ecb does have a little bit of a bank-crush on the Bank of Russia' Elvira Nabiullina
The @ecb had high hopes for the Reserve Bank of India, but oh well..
In a paper about central bank independence, they looked at the People's Bank of China. It went as well as expected
The review also looks at the central banks of South Africa, Saudi Arabia, Brazil Indonesia and Mexico with a mixture of scolding and disappointment.
The full paper is here. https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op248~28bebb193a.en.pdf
The full paper is here. https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op248~28bebb193a.en.pdf
