Transparency facilitates a broad understanding of what the central bank is doing and thereby gives the public the tools to hold the independent central bank accountable. Transparency, in fact, can play a valuable role in reinforcing the institutional independence of a central bank.
The theme of this year’s conference is “leveraging technology through turbulent times.” These are, without a doubt, turbulent times. The world is confronting its most serious financial crisis in several generations. The current global financial crisis has certainly been a reminder that not all financial innovation is a good thing.