John Iannis Mourmouras: Central bank independence revisited in the era of unconventional monetary policy

Speech by Professor John Iannis Mourmouras, Deputy Governor of the Bank of Greece, at the SEACEN - OMFIF Joint Policy Summit entitled "Financial stability in an uncertain global environment", Bank Negara Malaysia, Kuala Lumpur, 23 November 2016.

Ladies and Gentlemen,

It is a great honour for me to be back to this part of the world. It's certainly warmer over here! I would like to thank the organisers for inviting me to give a speech at this Joint Policy Summit on a topic that I have been revisiting lately, that of central bank independence. My earlier research on the subject goes back 20 plus years.

My speech today revolves one single important question: if and how the concept of an independent central bank has been challenged, or perhaps even undermined, in an era of unconventional monetary policies, including their own exit strategies.