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Rethinking Inflation Targeting and Central Bank Independence

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FT Business - LSE European Institute The Future of Europe Lecture Series

Date: Thursday 26 October 2006
Time: 6.30pm
Venue
: Old Theatre, Old Building
Speaker: Professor Willem Buiter
Chair: Howard Davies

This lecture challenges conventional wisdom in central banking, that international best practice means flexible inflation targeting by an independent central bank. In his inaugural lecture Professor Buiter argues that such targeting risks undermining hard-earned price stability and that central bank independence is incompatible with substantive accountability. This is why for most central banks, operational independence is limited and qualified and there is no goal independence. The main exception is the European Central Bank, but its role has expanded beyond is mandate into areas where it lacks legitimacy. This risks a political backlash that could undermine its independence.

Professor Willem Buiter is chair in European political economy at LSE.

This event is part of 'The Future of Europe Series', hosted jointly by FT Business| and the European Institute|.

This event is free and open to all with no ticket required. Entry is on a first come, first served basis.

The next event in the series will take place on Monday 30 October and is entitled Romania and the European Union: a win-win scenario.|

Transcript:

Rethinking Inflation Targeting and Central Bank Independence| (PDF)

For further information email events@lse.ac.uk| or phone 020 7955 6043.

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