[–] hasu 0 points 1 point 1 point (+1|-0) ago
You know Central Banks operate better when disassociated from political processes? The whole point of a monetary institute is to be removed from the political meddling. In the UK the Bank of England for a long time was part of the Government treasury, and as such when elections approached, they would drop base rate of interest, as well as institute monetary expansionary policies as an enticement for voters. This causes a whole host of problems. And it occurs in every instance where a Central Bank is subject to the effects of a voting and/or political system.
So when you're talking about CBs being separate from political processes, in tandem with you talking about their corruption, you should note that they are less corrupt in a form of appointment than election.
A country or group of countries in the case of the euro, are literally at the mercy of the central bank.
Well yeah. That's kind of what happens when you're part of a currency union.
[–] k3mist ago
Agree. But they are still mostly privately run. I believe that all of their decisions and transactions should be open to the public for review. There should be nothing at all private in an institution that could literally turn an entire country or group of countries upside down.
I'm not sure why you said this, but I was pointing out between the lines I suppose, that is a very bad thing.