Auditorial Central Banking Monetary Themes for the 21st Century
Christopher Houghton Budd
ISBN: ISBN 978 0 948229 08 4
Faced with the increasing power of the financial markets, what does the future hold for central banks? Are they destined to disappear as the world economy outgrows national jurisdictions, or can they evolve into a form that, while preserving nationality, allows a harmonised approach to monetary developments? Undertaken during 1999–2002, this study considers these questions in six important cases – the Banco Central do Brasil, the Reserve Bank of New Zealand, the Federal Reserve Bank of the United States, the Bank of England, the European Central Bank and the Bank of International Settlements. The finding is that central banks could undergo a metamorphosis. But will they?