An insightful article by Hans-Joachim Voth (forthcoming) has shown how the German central bank, under the famous central banker Hjalmar Schacht, contributed mightily to the demise of the Weimar Republic by aggressively attempting to bring down stock prices in 1927. Schacht’s policy was successful, in the sense that the stock market crashed.
In terms of Section 32 of the Reserve Bank Act, the Bank must submit a monthly statement of its assets and liabilities and an annual report to Parliament. The Bank is therefore accountable to Parliament. The Governor of the Reserve Bank holds regular discussions with the Minister of Finance, and appears before the Parliamentary Standing Committee on Finance from time to time.