This research project focuses on the expected changes of the central banks governance, after economic crisis.
It is about a multidisciplinary project including three Breton economists of Université de Rennes1, Université de Bretagne Sud, Université de Bretagne Occidentale as weel as a political scientist, a sociologist, and a lawyer.
These reseachers aims to identify changes imposed by recent events and see in what this can impact central banks missions and organization, notably in European cases. They will also questioned independance in the light of the last decade to find out if this principle will change in a new democratic context, where technocracy and european institutions are underminded. Finally, we will ask if financial stability will modify relationships between central banks and the financial sphere.
Team and partners
De facto, the independence has been discussed when the extent of the recession has forced governments and central banks to coordinate closely their actions while the consensus recommended a clear separation of their roles in 80s. Moreover, the price stability does not appear as a protection against financial turmoils. The financial stability is now on the top of the list of the central bank objectives again. This shift may have important consequences on the organisation of monetary authorities: in addition to the political independence, central banks should define a financial independence towards the financial sector. The reformed governance should manage the risk of a potential financial capture of the institution.