Transcription of Accountability, transparency and oversight
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Accountability, transparency and oversight
accountability , transparency and oversight Issues in the Governance of Central Banks 135 7 Chapter 7: accountability , transparency and oversight130 1. Introduction Central banks have a number of responsibilities (see Chapter 2), a considerable degree of autonomy (see Chapter 3) and a significant amount of resources (see Chapter 6). Thus, the delegation of tasks to the central bank should be accompanied by accountability to ensure appropriate democratic control and good governance. accountability pertains to the functions and objectives of the central bank as well as to its use of resources. In general, accountability has three characteristics: 1. scrutiny by others; 2. regular accounting for one s actions; and 3. the risk of negative repercussions, if performance is considered unsatisfactory. All in all, accountability centres on an evaluation of performance.
Accountability, transparency and oversight 136 Issues in the Governance of Central Banks 7 objectives Without a precise specification and prioritisation of the central bank’s goals, it can be
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