Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State


May 23rd 2018
Time: 6.30 - 8.00pm
Venue: Old Theatre, Old Building, LSE (map)
Speaker: Paul Tucker (Harvard Kennedy School Fellow, Chair of the Systemic Risk Council)
Chair: Prof. Charles Goodhart (Emeritus Professor of Banking and Finance, FMG, LSE)
Materials available: Video, Podcast, Photos

Central bankers have emerged from the financial crisis as the third great pillar of unelected power alongside the judiciary and the military. They pull the regulatory and financial levers of our economic well-being, yet unlike democratically elected leaders, their power does not come directly from the people. In his new book, Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State, Paul Tucker lays out the principles needed to ensure that central bankers, technocrats, regulators, and other agents of the administrative state remain stewards of the common good and do not become overmighty citizens.  He draws on a wealth of personal experience from his many years in domestic and international policymaking to tackle the big issues raised by unelected power, and enriches his discussion with examples from the United States, Britain, France, Germany, and the European Union.

Paul Tucker is a fellow at the Harvard Kennedy School and chair of the Systemic Risk Council. Previously, he was Deputy Governor at the Bank of England, sitting on its monetary policy, financial stability, and prudential policy committees. Internationally, he was a member of the G20 Financial Stability Board, leading its work on too big to fail; a director of the Bank for International Settlements, and chair of its Committee for Payment and Settlement Systems.

Charles Goodhart is Emeritus Professor of Banking and Finance, FMG, LSE.

Twitter hashtag: #LSETucker

This event was jointly organised with the Financial Markets Group.