<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>This paper deals with the neglected issue of central banks’ social responsibility. Since central banks exert the “structural power” on economies as well as on societies, their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim, this article sheds light on the ‘why’ and the ‘how’ of central bank’s social responsibility: I suggest reforms in order to increase central banks’ social legitimacy, while being consistent with the mapping out of a new framework of social responsibility.</p>
</abstract>

This paper deals with the neglected issue of central banks’ social responsibility. Since central banks exert the “structural power” on economies as well as on societies, their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim, this article sheds light on the ‘why’ and the ‘how’ of central bank’s social responsibility: I suggest reforms in order to increase central banks’ social legitimacy, while being consistent with the mapping out of a new framework of social responsibility.

Great Power, Great Responsibility: Addressing the Underestimated Issue of Central Bank’s Social Responsibility

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

This paper deals with the neglected issue of central banks’ social responsibility. Since central banks exert the “structural power” on economies as well as on...

Great Power, Great Responsibility: Addressing the Underestimated Issue of Central Bank’s Social Responsibility

Published Online: Sep 06, 2021

Page range: 23 - 39

Received: Jul 06, 2020

Accepted: Dec 15, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0022

Keywords
central banks, power, social responsibility, social legitimacy, institutions

© 2021 Guillaume Vallet, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Great Power, Great Responsibility: Addressing the Underestimated Issue of Central Bank’s Social Responsibility

Published Online: Sep 06, 2021

Page range: 23 - 39

Received: Jul 06, 2020

Accepted: Dec 15, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0022

Keywordscentral banks, power, social responsibility, social legitimacy, institutions

© 2021 Guillaume Vallet, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
central banks, power, social responsibility, social legitimacy, institutions