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Academic: The independence of central banks supports monetary policy
07/9/2017 12:00 am
[rtl]Baghdad / Emad Al-Amara
Central banks, through the independence of their work, play a large role in the economic activity of their tasks in the responsibility of issuing currency and control and supervision of the banking system, as a government banker, which contributes to the impact of macroeconomic variables.
According to a specialist, the independence of these banks support the implementation of monetary policy and tools that they possess and the methods and mechanisms that use them and the purposes sought in order to promote the general economic reality of their countries.
"The central banks, according to the economic system through which they are active, aim at achieving price stability and acceptable rates of economic growth," said Dr. Falah Hassan Thwaini. "These banks are working to achieve some kind of balance between cash and real flows. .
The independence of the central bank means that the central bank alone is authorized to work to protect the value of cash and stabilize prices, and to be independent of the state in the management of monetary policy.
He pointed out that this independence does not mean the complete separation between the central bank and the government. Rather, the central bank should act as a government institution that exercises its functions according to the general framework of the state. He added that this institution has its specificity in making independent decisions regarding monetary policy, which must be consistent with the general economic policy of the state. The economic systems Thwaini pointed out that these interpretations of the independence of central banks are reflections of the reality of political and economic systems, which vary between the liberalization of monetary and banking institutions and the intervention and restriction, which led to the development of ideas to justify the independence of central banks, at the same time, Reduce this independence.
He pointed out that the justifications of independence call for the need to have the central bank alone responsibility to maintain the stability of prices and set the basic objectives of monetary policy independently and away from the forms of intervention.
"The majority of the countries whose economies have experienced very high prices and lack of control over this rise (inflation free), and assert that their ability to control and address this type of inflation later be through the enjoyment of central banks With a high degree of independence. Monetary Institute and went on , and as the central bank is the main monetary institution in any country and includes its monitoring of other institutions, and coordination must be the central enjoys independence
The absolute independence of the Central Bank will lead to the removal of the effects of the government on the procedures of these banks in terms of determining their expenses and revenues, and thus the separation of the Central Bank from the state budget.[/rtl]
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