Public Trust and Central Banking

Mario Marcel, Governor of the Central Bank of Chile in this speech talks about how central banks can restore public trust.

I underscore the importance of public trust as foundation of modern monetary policy and for the legitimacy of independent central banks in performing their broader mandates. This is ingrained in the agenda of our Annual Conference this year: new challenges to central bank independence, the management of central bank credibility, and the designing of the best communication strategies for an effective monetary policy.

There was a time when central banks spoke about discretion vs rules, macro models, inflation expectations and so on. Now it is all about trust, credibility. integrity etc etc..

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