Now that the Bank of England’s powers extend well beyond interest rates to areas such as bank supervision, the government is grappling with a tricky question: who will guard Britain’s monetary guardians?
“Independent central banks need to be accountable in a democratic system,” said Rosa Lastra, Professor of International Financial and Monetary Law at QMUL's Centre for Commercial Law Studies. “Such accountability should be diversified, encompassing parliamentary accountability, judicial review and also audit control.”