Carolyn Wilkins hopes other central banks learn lessons from Australia
Carolyn Wilkins has some advice for central banks considering thorough reviews of their governance and processes, in the wake of the COVID-19 and inflation crises.
The review has been closely watched in central banking circles; many of the RBA’s global peers have faced similar questions about their performance and their accountability through the COVID-19 and inflation crises. Indeed, the criticisms and political pressures directed at the RBA will sound entirely familiar to anyone who has followed the Bank of Canada over the past three years.
“All the extraordinary tools that were used [in the pandemic], including forward guidance, need to have a good review – in terms of their effectiveness, were they designed as efficiently as they could have been,” Ms. Wilkins said.
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