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The Power of Coordination and Deliberation

Author

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  • Monnet Eric

    (Paris School of Economics, 75014, Paris, France)

Abstract

I provide comments and replies to the seven insightful contributions that discussed “The Democratic Challenge of Central Bank Credit Policies” and the proposal for a European Credit Council. I review how interdisciplinary scholarship on the political economy of central banking have shown the limits of simple principal-agent framework applied to central bank power and legitimacy. I emphasize why a change to central bank independence is not necessary for a fundamental change in the financial system and credit policies. I also argue that deliberations can have strong effects on decision-making and that the power of the people is not restricted to the legislative power.

Suggested Citation

  • Monnet Eric, 2024. "The Power of Coordination and Deliberation," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 14(4), pages 553-562.
    • Handle: RePEc:bpj:aelcon:v:14:y:2024:i:4:p:553-562:n:1008
    DOI: 10.1515/ael-2022-0114
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    More about this item

    Keywords

    central banking; monetary policy; credit policy; deliberative democracy; central bank independence;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services
    • H8 - Public Economics - - Miscellaneous Issues
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy

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