A transparency code for central banks: Implications for Europe

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A transparency code for central banks: Implications for Europe

Monday, 10 May 2021 - 5:00pm to 6:30pm
Online Event
Ghiath Shabsigh (IMF)
Charles Enoch (St Antony’s College, Oxford)
Daniel Hardy (St Antony’s College, Oxford); Johannes Lindner (European Central Bank)
European Studies Seminar

This online event features as one of several this term which focusses on 'European Institutional Architecture', and is hosted by the European Political Economy Project (EUPEP) at the European Studies Centre.

Abstract: Demands placed on central banks have greatly expanded in recent years, but they retain an air of mystery and opaqueness. Since the 2008 global financial crisis, central banks have seen their mandates broadened considerably, and many were forced to implement unprecedented policies that expanded their economic footprint substantially. This trend has been reinforced during the Covid-19 pandemic. As a result, central banks are witnessing rising public scrutiny and pressures on their independence. In this context, enhanced transparency may be needed to ensure proper accountability and policy effectiveness, and to safeguard independence.  Against this background the IMF issued the 2020 Central Bank Transparency Code, which provides a framework for achieving greater transparency in central banks while respecting the need for a degree of confidentiality. The code covers central bank governance, policies, operations, outcome, and official relations, regarding not only monetary policy, but also the broader set of activities now undertaken by many central banks. Its publication is an occasion for European central banks—those in the Monetary Union and those outside—to think again about where they can be more transparent, and thus possibly enhance both policy effectiveness and political legitimacy.

Ghiath Shabsigh is an Assistant Director in the IMF’s Monetary and Capital Market Department with responsibilities covering, Fintech, central banking, and financial sector development. Since joining the IMF, he worked on economic reform programs, financial sector deepening, financial stability assessment programs, and capacity building in countries in Africa, Central and Southeast Asia, Europe, Middle East, and North America. His previous work experience includes working as a financial analyst and teaching. Mr. Shabsigh holds a Ph.D. degree in Monetary Economics and International Finance, a MA in Economic Development, a B.Sc. in Economics and Business, and several professional qualifications in banking and securities market operations.

Daniel Hardy was on the staff of the International Monetary Fund for most of his career to date. He contributed to macroeconomic and financial sector surveillance; Fund-supported programs; defining Fund policies; and technical assistance to help build financial sector frameworks and institutions in a wide range of industrialized, emerging market, and developing countries. Recently he led work on European financial integration and the banking union; debt management; and sovereign debt restructurings. He has undertaken research on such topics as cross-border policy coordination, credit market behavior, and stress testing. He has also worked at the Austrian Financial Market Authority and the German Bundesbank. He studied at the universities of Oxford and Princeton.

Johannes Lindner is Head of the EU Institutions and Fora Division at the European Central Bank (ECB) which coordinates the ECB's relations with the other EU institutions, in particular the Council and the European Parliament. Previously, he worked in several policy areas of the ECB - including as Counsellor to one of the Executive Board Members and as Advisor in the area of Market Infrastructure and Payments. He studied economics and politics with master's degrees from the London School of Economics (MSc Public Administration and Public Policy) and University of Cologne (Diplom-Volkswirt), and a doctorate degree in politics from the University of Oxford.

This event will be chaired by Charles Enoch (St Antony's College, Oxford).

This event is taking place online using Zoom. The link to REGISTER via Zoom is available by clicking HERE.

For any further assistance please email: esc-webinar@sant.ox.ac.uk or julie.adams@sant.ox.ac.uk

Image by ds_30 from Pixabay

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